Anubhaw Garg (Chartered Accountant in Practice) (101 Points)
20 February 2016
Saliq Ansari
(CA_Final Student)
(885 Points)
Replied 21 February 2016
The Interest arising from the FD will be Credited to SPL (Statement of Profit And Loss). The Employees Salary would be shown as outstanding. The said Investment made in FDs cant be termed as Planned Asset as per AS - 15 Employees Benefits, cause Investment in Planned assets are made for Post Employment Benefit and not current salaries.
Anubhaw Garg
(Chartered Accountant in Practice)
(101 Points)
Replied 22 February 2016
Aanand Jha
(Employed)
(692 Points)
Replied 22 February 2016
Interest on earning shall be credited to SPL
FD Shall be shown as Assets
and the Payable Salary shall be shown as Current Liabilities
Anubhaw Garg
(Chartered Accountant in Practice)
(101 Points)
Replied 22 February 2016
Aanand Jha
(Employed)
(692 Points)
Replied 22 February 2016
No, the nature of transactions are different.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
