Accounting standard 15
This query is : Resolved
17 September 2012
Dear All,
If a private limited company is paying yearly premium of Gratuity to LIC of India, then for accounting purpose whether it is required to create asset and liability in the balance sheet as per Accounting Standard 15?
Thanks
If a private limited company is paying yearly premium of Gratuity to LIC of India, then for accounting purpose whether it is required to create asset and liability in the balance sheet as per Accounting Standard 15?
Thanks
CA Ayush Agarwal
(Expert)
17 September 2012
Yes, Gratuity Payments are Covered Under AS15.
17 September 2012
Thanks for reply. But I want to know how can I get the figures of Asset and Liability?
Also I would like to inform that yearly premium is paid by booking the expense of premium in profit and loss account.
Thanks
Also I would like to inform that yearly premium is paid by booking the expense of premium in profit and loss account.
Thanks
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