Accounting head
This query is : Resolved
PRATIK KAYAL
(Querist)
21 April 2011
dear sir/madam
Actually there had been an unfortunate accident in manufactuering concern. And the management has decided to give Rs. 10 lacs as compensation besides an immediate relief of Rs. 50000/- each to 3 workers with fatal injury. Now my question is wat should be the proper accounting head and the accounting treatment for the total expenses of rupees 10.5 lacs for each of 3 workers and how sud i account for the liability which is yet to be paid for ruppes 10 lac each for 3 workers.
Thanking you all in anticipation
Actually there had been an unfortunate accident in manufactuering concern. And the management has decided to give Rs. 10 lacs as compensation besides an immediate relief of Rs. 50000/- each to 3 workers with fatal injury. Now my question is wat should be the proper accounting head and the accounting treatment for the total expenses of rupees 10.5 lacs for each of 3 workers and how sud i account for the liability which is yet to be paid for ruppes 10 lac each for 3 workers.
Thanking you all in anticipation
22 April 2011
Pratik
You may account for the same under workmen compensation A/c or
Employee compensation a/c
You should provide Rs. 10 lakhs each immediately in your books. On the actual payment you should rever the provision & account for the cost.
You may account for the same under workmen compensation A/c or
Employee compensation a/c
You should provide Rs. 10 lakhs each immediately in your books. On the actual payment you should rever the provision & account for the cost.
PRATIK KAYAL
(Querist)
22 April 2011
thank u sir
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