EPF Current assets or Non Current Assets


This query is : Resolved 

Quick Summary
This discussion clarifies the classification of EPF deductions made by a government agency for goods sold. If the amount is recoverable, it should be treated as a current asset. However, if it's deemed non-refundable, it should be recognised as an expense.

23 May 2023 Sir,

We have sold some goods (agriculture product) to govt. Agency. Agency deduced EPF and clear balance amount. its pending from govt. agency more then two years. so its my current assets or Non Current Assets

23 May 2023 Though it seems to be non-refundable, treat it as current asset.
Check if it is non-refundable, in that case treat it as expenses.

23 May 2023 Thank you very much Sir,

23 May 2023 Most welcome.


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