Accounting for interest on gratuity fund-urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2010
hi,
pls let me know how interest accrued on defined benefit plan-gratuity fund is to be accounted in profit and loss account
thanks
pls let me know how interest accrued on defined benefit plan-gratuity fund is to be accounted in profit and loss account
thanks
10 August 2010
As per AS 15,the retirement benefit like gratuity are to be accrued on the basis of actuarial valuation of employers' contribution.The interest amount can be netted off from this accrual amount.
Shudhanshu Agrawal
(Expert)
10 August 2010
Your query has been posted in accounts section so im replying accordingly.
If you are following accrual basis of accounting then you have to consider an income in P & L a/c when it is accrued. You can not leave any income.
Valuation method has been provided by Ms. Sukanya.
If you are following accrual basis of accounting then you have to consider an income in P & L a/c when it is accrued. You can not leave any income.
Valuation method has been provided by Ms. Sukanya.
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