Match List-I with List-II

List – I	List – II
Reserves and Surplus	Share Options Outstanding Account
Non-current Liabilities	Long term provisions
Current Liabilities	Short-term borrowing
Shareholder’s Fund	Calls in arrear

Choose the correct answer from the options given below:

The correct answer is (A) - (I), (B) - (II), (C) - (III), (D) - (IV).

Let us analyze the matching of items between List-I (Major Heads of the Balance Sheet under Schedule III of the Indian Companies Act, 2013) and List-II (Sub-heads/Items):

1. (A) Reserves and Surplus matches with (I) Share Options Outstanding Account:
According to Schedule III of the Companies Act, 2013, the "Share Options Outstanding Account" is classified and presented under the head "Reserves and Surplus" under the broader category of Shareholders' Funds.

2. (B) Non-current Liabilities matches with (II) Long term provisions:
"Long-term provisions" (provisions for liabilities that are expected to settle after twelve months from the reporting date, such as employee benefits like gratuity) are classified under "Non-current Liabilities".

3. (C) Current Liabilities matches with (III) Short-term borrowing:
Loans or financial obligations that are payable within twelve months or within the operating cycle are classified as "Short-term borrowings" under "Current Liabilities".

4. (D) Shareholder’s Fund matches with (IV) Calls in arrear:
"Calls in arrears" represents the unpaid amount of share capital by shareholders. In the balance sheet, it is shown as a deduction from the Called-up Share Capital under the "Share Capital" sub-head, which falls under the major head "Shareholder’s Funds".

Thus, matching each item correctly yields:
(A) matches with (I)
(B) matches with (II)
(C) matches with (III)
(D) matches with (IV)