Ravi5554
Asst.manager -hr
Loginmiraclelogistics
Asso.prof.(commerce & Management) Pg
+1 Other

Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Dear SIr,
We would like to know that if any employee worked from last 5 years and 3 months upto 31.03.2014 and continued work till date.
In the provision of gratuity we not mentioned this.
So please give the advice Is there any problem? because the balance sheet of co. is made and submitted in income tax.

From India, Mumbai
Hi,
1. Section 4 of the Act mentions the obligation on an employer of an establishment to consider the case of each employee in the matter of payment of gratuity to him. The employer shall arrange to pay the amount of gratuity within 30 days from the date it becomes payable to the person to whom the gratuity is payable. If the amount of gratuity payable under the section is not paid by the employer within the period specified, from the date on which the gratuity becomes payable he will have to pay simple interest on it at the rate not exceeding the rate notified by the Central Government from time to time.
That will consider delay in payment if its crossed 30 days from the date of application made by employee and provision made by employer.

From India, Mumbai
Dear Sir, Its i know that but question is when we not make provision of gratuity in last year for 1 person. but we will make in current year. So its there what the obligation?
From India, Mumbai
------------------

As per "Accounting Standard (AS-15) Employees Benefits" issued by the ICAI every Employer/assessee have to make a provision (mandatory) in their Annual Accounts towards gratuity to their employees on "Acturial" valuation method in respect of those who have become eligible for gratuity under the Gratuity Act or any other scheme applicable. This provision is claimed as Deduction as expenses for that respective year for compuration IT of the employer. Failure to do so will result in disallowance in future. However in your case your firm has omitted one employee's provision for making a provision in the A/cs may be by oversight. You have not mentioned for which year this provision pertains to ? Presumably it should be for an incremental liability for the Financial year 2013-14 for which your firm might have filed the IT Return recently. I don't thing this is such a huge blender to worry much about it. If you are very serious, discuss with your Auditors & you might as well consider filing Revised Return as, I am sure, assessment of IT Return for 2013-14, for sure, not completed yet. Even if assessment is over, don't worry, make sure it is covered for the next year by making a fresh provision either under "Prior Period Expense" or under the Major Head Employees Benefits as the case may be.

From India, Bangalore
Respected sir
Myself murali i got a job in dubai in a real estate company as an accountant but the company has no accountant since 2001
iam so worried .. you please guide me .
what are the registers to be maintained etc
you kindly note the points that you feel important....
Regards
Murali

From Qatar, Doha
Hi Murali,
Congratulations for bagging the job. You have not mentioned more details about your co., what type of accounting system they follow, what are your responsibilities etc. Ofcourse it's going to be a Herculian job for you since they have not maintained any Acctt., since 2001. Are you well used to TALLY accounting package? what is your qualifications & experience in accounting. In circumstances if your job is only to maintain simple cash book it could be manageable but if they expect you to maintain all ledgers and Accounts, P & L a/c & Balance Sheet etc you have to think it loudly. For the present start maintaining columnar cash & bank books, customer ledgers, partners a/cs. How about site a/cs, inventory, labour management, taxation, bank trasactions etc. who cares ? Is't an Indian based co. ? (Regret few spelling mistakes in my posts)

From India, Bangalore
Respected Mr. kumar.s. Sir
Thank you very much sir for giving me your guidance. It is purely an arabic company . I want to keep the confidentiality that's why i am not disclosing my company name .,The company has 3 sister concerns I have to maintain these companies accounts also so I want to implement an accounting system .As well as the company presently planning to set up a branch in qatar also..Iam fluent in Talley Erp 9
you kindly guide me i have the following doubts.
1) How to Set Up an Accounting Filing System
2)what are the registers to be maintained etc
3)How to maintain asset list and calculation of its depreciation
4)voucher register
Kindly forward the samples of profit and loss account , asset register etc...
my mail id =pvmmadhavan@gmail.com
Regards Murali

From Qatar, Doha
---------------

Hi Murali,

1) If you are conversant with TALLY ERP 9 then it should help you as to how to open an Acctg.Filing System/ A company's A/c. You know you can maintain accounts of all three co. at a time in the same Tally A/c. Open Co.A, Co.B, & Co.C and so on. Start creating required ledger heads and start entering the transactions. It's needless to elaborate step by step entries in Tally to a Tally literate like you.

2) If Tally a/c is in operation no need to maintain separate registers, everything you can have in it.

3) If you are not able to create a separate Assets register in Tally. Calculation of depreciation is also easy if you create masters like assets description, rate of depn. applicable as per laws/acts applicable there. And depreciation rates various depending on type of assets, usage, expected life of use etc. The Companies Act/IT Act in India is different than what is applicable in Dubai, so obtain all these guidelines and it may be necessary to consult competent authorities in Dubai or CFA if any in practice there as I'm not conversant with Dubai laws

4) If you use Tally Software no separate vr.no. would be necessary as you know Tally software assigns vr.no. automatically.

And in Tally software P & L A/c, Balance sheet, all linked ledgers, cash book etc. is also automatically updated as and when you make an entry and for every entry. You can have all the books, ledgers, PL, BS all together at any time for every entry/date.

If you are not able to begin better take hands on training on Tally from Tally licensed trainer or buy a Tally guide which will help you to do all by yourself. There are Online portals available to train you. Try them. There are lakhs of P & L A/c, BS of various companies available in those co. web sites, search and see for yourself. If you still what the formats I will provide them. All the best.

From India, Bangalore
Respected Mr. kumar.s. Sir
Thank you for taking the time to clarify my doubts. I sincerely appreciate the time you spent for recommending accounting tips for me.
Your advice is really invaluable and helpful for me . dear sir do you have any idea about Argus enterprise 10 software for property budget .
Kindly forward the samples of audited profit and loss account ,balance sheet , asset register etc ...
my mail id =pvmmadhavan@gmail.com
Regards Murali

From Qatar, Doha
Dear Murali,
Browse this link to learn some thing more about the PL & BS of an MNC co.
Sample Balance Sheet from The Coca-Cola Company
Understanding Balance Sheet | Finance & Accounts | India Point

From India, Bangalore

This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2020 Cite.Co™