C.A. Sandeep Wawhal (CA, PGDFM, BCom) (1831 Points)
25 August 2011
Please help,
Managerial Salary is Rs. 3600/- in Trial Balance, but as per calculation (Adjustment) is Rs. 5723/-. Then what is the effect of Balance amount i.e. (5723-3600) 2123/-. As per ICAI Notes its shown in Sundry Creditors under Trade Payable. Please tell it is right ?
Kanhaiya
(Nangia & Co.)
(1981 Points)
Replied 25 August 2011
its right and we can do this treatment also (outstanding salary and it will come under liabilities in balance sheet under current liabilties and provisions)
CA Romil Shah
(CA )
(669 Points)
Replied 25 August 2011
THE BALANCE AMOUNT OF SALARY WOULD BE STANDING AS AN LIABILITY UNDER THE HEAD OF "CURRENT LIABILITY AND PROVISION" AS "OUTSTANDING SALARY" NOT AS TRADE PAYABLE....
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
