Accounts

This query is : Resolved

J RAVI SHANKAR (Querist)
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26 August 2009 Dear Members

Iam working a limited company. We paid Rs.21,00,621/- towards preium to under Met Life Group Gratuity Scheme. The details as below:
1. Rs.27,315/- towards Risk Premium.
2. Rs.2,59,850/- towards Current Service cost and
3.Rs.18,13,456/- towards pas service liability.

4. The Gratuirty provision outstandint as on 31.03.2009 Rs.15,62,567/-.

Plese advise me treatment in books of accounts.

M Prabhakar Menon

M Prabhakar Menon (Expert)
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26 August 2009 You seem to have paid more than your estimated liability of Rs15.63 lacs be prepared to satisfy the Assessing Officer's query.Follow AS 15 issued by ICAI