SETTELEMENT EXPENSES
This query is : Resolved
08 March 2009
DEAR SIR,
KINDLY LET ME KNOW WHETHER SUM PAID TO EMPOLYEE SETTELEMENT AFTER END OF SERVICE IS ALLOWABLE DEDUCTION UNDER PROFIT & LOSS ACCOUNTS AND INFORM WHICH KIND OF EXPENDITURE ???
SUHAIL AHMED
KINDLY LET ME KNOW WHETHER SUM PAID TO EMPOLYEE SETTELEMENT AFTER END OF SERVICE IS ALLOWABLE DEDUCTION UNDER PROFIT & LOSS ACCOUNTS AND INFORM WHICH KIND OF EXPENDITURE ???
SUHAIL AHMED
08 March 2009
HI
NORMALLY IF MERCANTILE SYSTEM OF ACCOUNTING IS FOLLOWED A PROVISION IS TO BE MADE. HOWEVER IF NO PROVISION IS MADE IN THE BOOKS THAN FULL EXPS. IS DEBITED TO P & L ACCOUNT UNDER HEAD EMPLOYEES REMUNERATION AND BENEFITS.
NORMALLY IF MERCANTILE SYSTEM OF ACCOUNTING IS FOLLOWED A PROVISION IS TO BE MADE. HOWEVER IF NO PROVISION IS MADE IN THE BOOKS THAN FULL EXPS. IS DEBITED TO P & L ACCOUNT UNDER HEAD EMPLOYEES REMUNERATION AND BENEFITS.
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