Financial statement of Provident Fund
Posted: 20 Feb 2021, 05:33
Hi
In our country, we need to prepare a financial statement for "Employee's Contribution Fund" for an organization. This fund is created under "Trust" which is different than a company.
Now, I have a client where in first 6 months, there were no transaction in this financial statement. The first transaction of such FS are usually when an Employer deducts this post employment contribution from salary of an employee and that contribution is deposited to the Fund account. What is the way of making a FS with completely 0 (zero) asset, liability, income, expense figure?
In our country, we need to prepare a financial statement for "Employee's Contribution Fund" for an organization. This fund is created under "Trust" which is different than a company.
Now, I have a client where in first 6 months, there were no transaction in this financial statement. The first transaction of such FS are usually when an Employer deducts this post employment contribution from salary of an employee and that contribution is deposited to the Fund account. What is the way of making a FS with completely 0 (zero) asset, liability, income, expense figure?