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Revised schedule vi related query

Saurabh Maheshwari (B.com,ACA) (5923 Points)

04 August 2012

Where to show the Unpaid Salary or other unpaid Employee's benefit exps, I have confusion wheather to show under Other Current liabilities or under Short term provisions.

Please clarify, thanks in Advance

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6 Replies

S Gupta (Finance Manager) (92 Points)
Replied 04 August 2012

Hi Saurabh,

the same should grouped under other liabilities as employee related liabilites.

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C.A. LINESH PATIL (CA) (910 Points)
Replied 04 August 2012

1) O/S salary to employee would be shown under sub-heading other current liability in heading current liability.if is payable within 12 month from balance sheet date.otherwise in other long term liability.

2) Employee related benefit needs to be bifurcated in current & non current liability by taking the assistance of acturary.& Accordingly provision related to current is provided in Short term provision & provision related to non-current is provided in long term provision.

Regards

CA Linesh Patil

1 Like

varun (article) (26 Points)
Replied 04 August 2012

CRASH COURSES FOR NOV-12 FINAL CA. BY PROFESSIONAL ACADEMY
REVISED SCHEDULE VI - PRASAD SIR
FROM 17TH AUG TO 18TH AUG
TIMING 9AM TO 6PM..

DIRECT TAX - TN MANOHARAN SIR
FROM 22ND TO 30TH AUG
TIMINGS 8AM TO 4.30PM...

IDT AMENDMENTS - DURGESH SIR
ON 31ST AUG ENTIRE DAY...

ISCA - AMIT TATED SIR

IN MID SEPTEMBER FOR 3 DAYS

Gunjan Tulsyan (Article) (222 Points)
Replied 05 August 2012

The unpaid salary of the employee will be shown in other current liability and the employee benefit expenses will be shown in provisions short or long term depending upon the case...!!!! hope ur query is resolved

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vibhor (Practising C.A.) (257 Points)
Replied 05 August 2012

My query is:

Do we have to redraft the Balance Sheet P&L A/c of previous year also as per the Revised Schedule VI Format?

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Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 05 August 2012

Yes, Vibhor you need to re-state the B/s of Previous yr also as per Revised Schedule Vi, the logic is that the Financial Statements can be comparable when presented together....