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Workmen compensation liability and Reserve ?

In Purchasing Co balance sheet ,How to consider workmen compensation ? Whether as a Reserve or as a Long-term provision ? Because in answer it is considered as a Liability and entry passed..

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Ramya kudupudi

Ramya kudupudi

CA Inter

2K+

24-Apr-20

74

Answers (8)

Pls share full question


Suraj Lakhotia

Suraj Lakhotia

Admin

24-Apr-20

I think it is not an reserve...


Tanmay Kundu

Tanmay Kundu

CA Foundation

120

24-Apr-20

Does my answer correct? As balance sheet tallied..

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Thread Starter

Ramya kudupudi

Ramya kudupudi

CA Inter

2K+

24-Apr-20

Reply please to my question any


Thread Starter

Ramya kudupudi

Ramya kudupudi

CA Inter

2K+

24-Apr-20

It is basically an liability.


Sunita Gupta

Sunita Gupta

CA Inter

1K+

24-Apr-20

Yes.. I hope so.. And done the problem by considering as a Liability


Thread Starter

Ramya kudupudi

Ramya kudupudi

CA Inter

2K+

24-Apr-20

Thread Starter

Ramya kudupudi

Does my answer correct? As balance sheet tallied..

Balance sheet would anyways tally. It is to be considered as a liability.


Suraj Lakhotia

Suraj Lakhotia

Admin

25-Apr-20

Thank you sir


Thread Starter

Ramya kudupudi

Ramya kudupudi

CA Inter

2K+

25-Apr-20

Flash Sale Byte size