Esi recovery forcely recovered by esi office
This query is : Resolved
CA Naresh Sehra
(Querist)
03 May 2012
Sir ESI Department has forcely recoverd the dues by instrucing our banker to debit our company account
We had gone for appeal and matter is pending
the amount wss debited in the books on 11th April ,2012 can we make the provision of the same in our books for the FY 2011=12 or should we show the amount recovered as Current assets - Esi Recovery account pending decision kindly advise
We had gone for appeal and matter is pending
the amount wss debited in the books on 11th April ,2012 can we make the provision of the same in our books for the FY 2011=12 or should we show the amount recovered as Current assets - Esi Recovery account pending decision kindly advise
03 May 2012
Unpaid ESI is an obligation as on the BS date. Hence, a provision to that extent seems to be correct in all respects.
However, the expenses & incomes subject to an uncertain future event are usually kept out of the FS. If you ask me, the verdict of the appeal is yet to come so showing the ESI under the head Current Asset is not practical.
However, the expenses & incomes subject to an uncertain future event are usually kept out of the FS. If you ask me, the verdict of the appeal is yet to come so showing the ESI under the head Current Asset is not practical.
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