what is the journal entry for this situation? and why?
situation:
Gratuity for this year TK1000000,which TK700000 shows in
income statement and TK150000 will shown in next 2 year
each.(this is a management decision)
- 1 Answers
- 2753 Views
- I also Faced
- E-Mail Answers
Answer / darshan
profit & loss a/c........Dr. 700000
outstanding liability....Dr. 300000
To Gratuity a/c 1000000
from the co.s point of view:-
Rs. 700000 is the expense for this year which is
debited in p&l a/c
whereas, Rs. 300000 is the outstanding liability of the
company as 1000000 is gratuity amount for this year and
management decides to show it in next two years equally.
| Is This Answer Correct ? | 2 Yes | 0 No |
How will you calculate impairment of assets of a software company?what is the necessary steps briefly describe?
I am managing a partnership firm which has a turnover of 50 lakhs in its first year business i.e 2008-09 and in previous financial year 2009-10 it has only 27 lakhs turn over. Please let me know when we have to file our IT return. whether it is before 31st July 2010 or 30th September 2010.
Why do you want to join audit?
how many years deduct the depreciation amount
i want question papers audit staff selection examination
What are the different types of audits?
what is a balance sheet
11 Answers Cognizant, State Bank Of India SBI,
accounting seation and taxation caluation
What do you know about KPMG?
hi i want to know the use of lookup, Hlookup and Vlookup with full example with Excel file. pls if any body have this pls help me.
what happen if any company get net loss
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?
Audit 
