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Workmen compensation liability and Reserve ?

Accountancy

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..

Ramya kudupudi

CA Inter

★ 2K+

24-Apr-20 08:37

365

Answers (8)

Pls share full question

CA Suraj Lakhotia

Admin

24-Apr-20 08:49

I think it is not an reserve...

Tanmay Kundu

CA Foundation

★ 120

24-Apr-20 09:07

Does my answer correct? As balance sheet tallied..

Thread Starter

Ramya kudupudi

CA Inter

★ 2K+

24-Apr-20 10:08

Reply please to my question any

Thread Starter

Ramya kudupudi

CA Inter

★ 2K+

24-Apr-20 13:48

It is basically an liability.

Sunita Gupta

CA Inter

★ 2K+

24-Apr-20 21:26

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

Thread Starter

Ramya kudupudi

CA Inter

★ 2K+

24-Apr-20 21:33

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.

CA Suraj Lakhotia

Admin

25-Apr-20 09:46

Thank you sir

Thread Starter

Ramya kudupudi

CA Inter

★ 2K+

25-Apr-20 10:03

SM Marathon Part- 2 with Suraj Sir! YT Live

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