If a private limited company is paying yearly premium of Gratuity to LIC of India, then for accounting purpose whether it is required to create asset and liability in the balance sheet as per Accounting Standard 15?
17 September 2012
Thanks for reply. But I want to know how can I get the figures of Asset and Liability? Also I would like to inform that yearly premium is paid by booking the expense of premium in profit and loss account.
CAclubindia
