Salary payable
This query is : Resolved
19 September 2013
salary of a direcor in a comapny is rs 10 lacs p.a.
director do not want to receive salary, as he don't require money now..
now how to present it in financial statements ?
1) unsecured loan from director(but section 269ss of I.T Act, 1961 dont allow book entries)
or
2) Creditors ???
director do not want to receive salary, as he don't require money now..
now how to present it in financial statements ?
1) unsecured loan from director(but section 269ss of I.T Act, 1961 dont allow book entries)
or
2) Creditors ???
22 September 2013
create a provision for salary payable. deduct appropriate taxes and pay to the govt. you can do the actual credit of salary later.
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