One of my friend is a Salaried Person and also running a Travels Business.
Im Preparing Balance Sheet to him.
My Question is;
1. Can we show his EPF Accumulated Balance in Balance Sheet as Long term Investment.
2. If Yes, do we need to show the Investment only for his Portion? ( Employee Share) or the Entire Accumulated balance ( Employee Contribution + Employer Contribution)
2. Also can we also create Liability of EPF payable for March ( only Employee Contribution)
3. If the above Treatment is valid, then can i also show Interest Accrued from EPF in Exempt Income
CAclubindia
