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Payables

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(Querist)
13 October 2010 In My company, the case Salary (excluded leave salary and Gratutiy). the leave salary & Gratutiy retained by the comapny and that given only after two years.

How I can pass the entries? Specify the entries also?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
13 October 2010 As per AS 15, based on acturial valuation , provision has to be taken in book. You should keep liability in the book.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 October 2010 For Gratuity and Leave encashment payable need to make entries in th books of account in every year based on actuial valuation the entries

Dr: Leave salary
Dr: Grauity
Cr: Leave salary payable
Cr: Gratuity payable
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