Unclaimed salary

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Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2016 Balance sheet showing salary payable, but employee left & not claiming the same, now whats the entry should be pass to make it clear from balance sheet? please help

CA Shyam Agarwal

CA Shyam Agarwal (Expert)

20 January 2016 First of all you decided that you want to pay salary to him or not. if yes then call to your employee and pay him salary.

if no then pass the reverse entry. Income tax aspect, If you already claimed this salary as exp. in last year then in this year it will reduce the salary exp.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

20 January 2016 Consolidated register of unclaimed wages and fines.(FORM – B Karnataka).Extract of the Consolidated register of unclaimed wages and fines to be forwarded to the Welfare Commissioner by Jan 31st of every year as per the state of Law,
The Unclaimed Wages and Unclaimed Bonus Register must be maintained for 3 years and the unclaimed amount pending beyond 3 years period should be intimated to the Labour Welfare Board . Same to be Deposited to Labour welfare Board or rule as per state Law.

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2016 Actually it is not unclaim salary. employee left without notice to the company, now company calculate the salary in payroll process (according to days worked), but company do not want to pay the salary, also do not want the pass the payable entry as salary payable (DR.) to salary recovery (CR.), so is there any way to nil the salary payable? please help

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

29 January 2016 once you claim salary Expenses than unpaid or unclaimed wages to be maintained separate Register
Consolidated register of unclaimed wages and fines. – FORM – B.

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