Esi recovery forcely recovered by esi office
This query is : Resolved
03 May 2012
Sir ESI Department has forcely recoverd the dues by instrucing our banker to debit our company account
We had gone for appeal and matter is pending
the amount wss debited in the books on 11th April ,2012 can we make the provision of the same in our books for the FY 2011=12 or should we show the amount recovered as Current assets - Esi Recovery account pending decision kindly advise
We had gone for appeal and matter is pending
the amount wss debited in the books on 11th April ,2012 can we make the provision of the same in our books for the FY 2011=12 or should we show the amount recovered as Current assets - Esi Recovery account pending decision kindly advise
03 May 2012
Unpaid ESI is an obligation as on the BS date. Hence, a provision to that extent seems to be correct in all respects.
However, the expenses & incomes subject to an uncertain future event are usually kept out of the FS. If you ask me, the verdict of the appeal is yet to come so showing the ESI under the head Current Asset is not practical.
However, the expenses & incomes subject to an uncertain future event are usually kept out of the FS. If you ask me, the verdict of the appeal is yet to come so showing the ESI under the head Current Asset is not practical.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
