Encashment of employees earned leave payable on retirement
This query is : Open
Amit Kumar Sharma
(Querist)
24 March 2013
Where do we show the following in balance sheet as per revised schedule VI.
"encashment of employees earned leave encashment payable on retirement"
My viewpoint:
'employees earned leave encashment payable on retirement' will be shown in long term provisions under non current liabilities.
But as the word "encashment of" is prefixed before the above, it should not be shown in the balance sheet.
This question is from CBSE examination 2013, set 3.
"encashment of employees earned leave encashment payable on retirement"
My viewpoint:
'employees earned leave encashment payable on retirement' will be shown in long term provisions under non current liabilities.
But as the word "encashment of" is prefixed before the above, it should not be shown in the balance sheet.
This question is from CBSE examination 2013, set 3.
08 April 2013
The amount should be shown only after retirement of the employee otherwise it will be incorrect as you do not know whether the employee is availing the leave in the last year of his service or not.
It should appear under non current liabilities but not long term as you have to pay within 3 months of retirement
It should appear under non current liabilities but not long term as you have to pay within 3 months of retirement
Amit Kumar Sharma
(Querist)
08 April 2013
Sir could you please elaborate the first para of your answer.
Many Thanks
Many Thanks
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