Langesh Siva
(Chief financial Officer- CFO )
(164 Points)
Replied 28 September 2019
Ya it can be acceptable it's caution deposit some companies are deducting for safety purpose, it should be refunded while relieve from the company,
Kapadia Pravin
(17264 Points)
Replied 28 September 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 28 September 2019
1. Security deposit deducted from salary is for the purpose of security in case if the employee's action results in any uncertain loss to the company.
2. This deposit is in the nature of liability to the company and it should be returned to the employee at the time of his relieving from the company.
3. The proper accounting entry would be,
Salary Dr
To Security deposit A/c
To Bank A/c
Security deposit in the above case will go to the Liability side of the BS in companies Books.
Please correct me if the above solution has an alternative view.
Sourav mutika
(2 Points)
Replied 16 March 2020
What is the treatment of the same in the hands of such employee?
Where to include it while preparing ITR?
Accounts HIS Pumps
(2 Points)
Replied 28 November 2020
Dear Expert
What should be accounting entry for forfeiting the Security Deposit ?
Tatheer zehra Sayyad
(2 Points)
Replied 11 December 2020
Where will the Security Deposits of Employees posted in Banking Companies Accounts
Certification Course on GSTR-3B Reconciliation with GSTR-2B through Chat GPT
CAclubindia
