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Salary payable

This query is : Resolved 
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(Querist)
19 September 2013 salary of a direcor in a comapny is rs 10 lacs p.a.

director do not want to receive salary, as he don't require money now..

now how to present it in financial statements ?
1) unsecured loan from director(but section 269ss of I.T Act, 1961 dont allow book entries)
or
2) Creditors ???
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 September 2013 create a provision for salary payable. deduct appropriate taxes and pay to the govt. you can do the actual credit of salary later.
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