employees provident fund treatment in retirement?

in retirement if nothing is written below balance sheet about e.p.f. nothing to be done coz it is the amount which employees have got deducted from their salary.
  • 0
if it is written that e.p.f. to be increased ,the amount of increase to be shown in debit of revaluation a/c
  • 2

Increase / Decrease in EPF is debited/credited to Revaluation A/c and subsequently it is added to or deducted from EPF as in the Balance Sheet.

If there is no change in the EPF it is shown as such in the Balance Sheet.

It is not distributed among partners since it is not a reserve but a statutory liability towards employees.

 

  • 3
What are you looking for?