Accounting Treatment of EPF
This query is : Resolved
02 July 2023
Respected Experts,
One of my friend is a Salaried Person and also running a Travels Business.
Im Preparing Balance Sheet to him.
My Question is;
1. Can we show his EPF Accumulated Balance in Balance Sheet as Long term Investment.
2. If Yes, do we need to show the Investment only for his Portion? ( Employee Share) or the Entire Accumulated balance ( Employee Contribution + Employer Contribution)
2. Also can we also create Liability of EPF payable for March ( only Employee Contribution)
3. If the above Treatment is valid, then can i also show Interest Accrued from EPF in Exempt Income
Kindly advise
One of my friend is a Salaried Person and also running a Travels Business.
Im Preparing Balance Sheet to him.
My Question is;
1. Can we show his EPF Accumulated Balance in Balance Sheet as Long term Investment.
2. If Yes, do we need to show the Investment only for his Portion? ( Employee Share) or the Entire Accumulated balance ( Employee Contribution + Employer Contribution)
2. Also can we also create Liability of EPF payable for March ( only Employee Contribution)
3. If the above Treatment is valid, then can i also show Interest Accrued from EPF in Exempt Income
Kindly advise
03 July 2023
1 yes.
2 Show Entire Accumulated balance ( Employee Contribution + Employer Contribution)
3 yes
2 Show Entire Accumulated balance ( Employee Contribution + Employer Contribution)
3 yes
03 July 2023
Respected sir,
Thanks you so much for your quick response.
Thanks you so much for your quick response.
04 July 2023
You are welcome..
.....
.....
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