Projected balance sheet

while preparing projected balance sheet of private company.....companies act will follow or income tax act
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Quick Summary
When preparing a projected balance sheet for a private company, the Companies Act always takes precedence over the Income Tax Act. Salary payable should be classified under 'other current liabilities' rather than trade payables.

Always company act will follow.
Salary payble is included in trade paybles or other current liabilities
Salary Payable is included in Other Current Liabilities.


Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E :raj @ rcdco.in
Yes, required to follow Company Act to Prepare Projected Balance sheet of Company.
Salary Payable is to be shown under Other current liabilities..

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