MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Realisation of Assets (Dissolution)

Are the follo...

Question

Are the following statements true or false? Give reasons.
An amount of Rs. 2,500 contributed by Harish (employee of M/s Nanda Enterprises) towards his own provident fund is a part of compensation of employees.

A

True

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

False

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is B False
Compensation of employees only includes those contribution towards provident fund which are contributed by the employers of the business and not by the employees. Therefore, contribution by Harish will not be included in the provident fund.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Which of the following items is part of compensation of employees? Give reasons for your answer.
(i) Entertainment allowance to an employee to entertain business guests.
(ii) Employers' contribution to gratuity fund of the employees.
(iii) Employee's contribution to provident fund.
(iv) Payment of claim of insurance claim by LIC to the injured worker.
(v) Old age pension.
(vi) Medical expenses of a firm on treatment of employee's family.

Q. Contribution of employee in Employee Provident Fund and Pension Fund?

Q. An employee is required to contribute

10

% of his pay to General Provident Fund. If he get

R s . 13, 500

as net pay in a month, then what is the monthly General Provident Fund contribution (assuming no other deductions)?

Giving reasons, explain the treatment of the following while estimating national income:

(i) Expenditure on maintenance of an office building

(ii) Expenditure on adding a floor to the office building

(iii) Contribution to the provident fund by the employees

Q. As per the Employees Provident Funds and Miscellaneous Provisions Act,

1952

the employees contribute a total of ________ to the funds established under the schemes prescribed by the Central Government.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Let’s Settle

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Realisation of Assets (Dissolution)

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon