Accounting Treatment of EPF

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Accounts & Tax Consultant (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 July 2023 1 yes.
2 Show Entire Accumulated balance ( Employee Contribution + Employer Contribution)
3 yes

Accounts & Tax Consultant

Accounts & Tax Consultant (Querist)
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03 July 2023 Respected sir,

Thanks you so much for your quick response.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 July 2023 You are welcome..
.....

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