What is the journal and payment entry of P.F and E.S.I
Answers were Sorted based on User's Feedback
Answer / sandeep
1.salary a/c Dr. 100
to ESI a/c.(employee) 1.75
to EPF A/c.(Employee) 12.00
to Salary Payable 86.25
(being Salary Payable for the m/o )
2.esi a/c. (employer)a/c.dr 4.75
epf a/c. (employer)a/c.dr.12.00
esi a/c. (employee)a/c.dr 1.75
epf a/c. (employee)a/c.dr 12.00
to bank a/c. 30.5
(Being esi & epf paid)
Is This Answer Correct ? | 527 Yes | 102 No |
Answer / mayank
Salaries A/c .............dr
To PF Payable A/c
T0 ESI Payable A/c
(Being amount deducted from salary)
PF Payable A/c............dr
ESI Payable A/c...........dr
To Bank A/c
Is This Answer Correct ? | 243 Yes | 82 No |
Answer / mahesh sharma
On Credit of Salary:
Salary ( including Basic Salary & All Allowances) Dr.
Employer Contribution in PF Dr.
Employer Contribution in ESI Dr.
Adm. Charges for PF DR.
Esi Payable ( both Employer + Employee) cr.
PF Payable ( Both Employer + Employee+ Adm Charges ) Cr.
Salary & Wages Payable Cr.
Pf Payment :
Pf Payable Dr
Cash/Bank Cr.
Esi Payment:
Esi Payable Dr
Cash /Bank cr.
Salary payment :
Salary & Wages Payable Dr
cash/Bank Cr.
Is This Answer Correct ? | 175 Yes | 24 No |
Answer / rajesh
Salaries A/c Dr
PF & ESI to be paid A/c Cr
(being amount debited for salries account)
PF & ESI to be paid A/c Dr
Bank / Cash A/c Cr.
Is This Answer Correct ? | 176 Yes | 80 No |
Answer / swati ojha
1 Salary A/C Dr
To ESI Employee Contribution payable A/C
To EPF Employee Contribution Payable A/c
To Salary payable A/c
2 ESI Employee Contribution Payble A/C Dr
EPF Employee Contribution Payable A/c Dr
To Bank A/C
3 ESI Employer Contribution A/C Dr
EPF Employer Contribution A/c Dr
To Bank A/C
Is This Answer Correct ? | 88 Yes | 24 No |
Answer / ganesh hegde
1. For Deduction of ESI and PF from Salary:
Salary A/c Dr 10,000
To ESI collected A/c 175
To PF Collected A/c 1,200
To Salary payable A/c 8,625
2. For payment of salary:
Salary Payable A/c 8,625
To Bank A/c 8,625
3. For Payment of ESI & PF:
ESI A/c 175
PF A/c 1,200
ESI Collected A/c 175
PF Collected A/c 1,200
To Bank A/c 2,750
Note: 1. Salary appears at Rs.10,000 in P&L A/c.
2. Employers portion of ESI & PF appears in P&L A/c.
3. Employee's share collected is a liability to the
Employer.
Is This Answer Correct ? | 66 Yes | 18 No |
Answer / gangaraju t c
(1) For Journal Entries for Salary account
Dr. Salary account (Gross)
Cr. TDS on salary*
Cr. Professional Tax payable*
Cr. EPF-Employee contribution payable*
Cr. ESI-Employee payable contribution payable*
Cr. Salary Payable
Note*:
(a)TDS on salary - According to the IT Act If the annual
salary of the individual exeeds slab rate (Slab rate may be
vary from year to year asper union budget)after 80C, 80D,
80G, average rate deductuble.
(b)Profession Tax - the state governments collect the
tax .this tax on profession vary from state to state.
(c)EPF & ESI-Employee Contributions - EPF is 12% & ESI is
1.75% should be deduct from the Employee.
All are above comes under the sub-head payables under
liablities side. Because those all are above mentioned are
deducted by employer should submit to concerned departments
as acts & rules.
(d)salary payble - this is the net salary to be paid to
employees after deduction of (a), (b) & (c) also comes
under the sub-head payables under liablities.
Employer contribution to EPF & ESI are Comes under Indirect
Expenses.
Journal Entries for the payment of all above
Dr. TDS on salary
Dr. EPF employee contribution
Dr. ESI employee contribution
Dr. EPF employer contribution
Dr. ESI Employer Contribution
Dr. Profession tax
Dr. Salary
Cr. Cash / Bank
(All are combained entries you can show each seperately
according to your convinience)
Is This Answer Correct ? | 37 Yes | 7 No |
Answer / sateesh kumar reddy.p
Salary A/c___Dr. 10000
Employer-ESI Contribution A/c____Dr. 475
Empolyer-PF Controbution A/c_____Dr. 1200
Employee-ESI Contribution Payable A/c______Cr. 175
Empolyee-PF Controbution Payable A/c_____Cr. 1200
Employer-ESI Contribution Payable A/c______Cr. 475
Empolyer-PF Controbution Payable A/c_____Cr. 1200
Professional Tax Payable A/c_____Cr. 150
Salary Payable A/c_______Cr. 8625
Here Employer-ESI&PF Contribution A/c's claim as indirect expenses.
Payment Entry.
1.Salary Payable A/c____Dr. 8625
Cash/Bank A/c______Cr. 8625
Payment to Employee.
2.PT payable A/c____Dr. 150
Cash/Bank A/c______Cr. 150
Payment to State Govt.
3.Employee-ESI Contribution Payable A/c____Dr. 175
Empolyee-PF Controbution Payable A/c___Dr. 1200
Employer-ESI Contribution Payable A/c____Dr. 475
Empolyer-PF Controbution Payable A/c___Dr. 120
Cash/Bank A/c____Cr. 1970
Payment to Central Govt.
Is This Answer Correct ? | 42 Yes | 15 No |
Answer / vali
salary a/c dr 1000
PF&ESI A/c Cr 200
salary payable a/c cr 800
being salary for the month of june-10
Is This Answer Correct ? | 46 Yes | 24 No |
Answer / deepak bisht
journal entry:
salary a/c dr.
to salary payable a/c cr.
to esi a/c cr.
to epf a/c cr.
esi & epf paid entry:
esi paid a/c dr.
epf paid a/c dr.
to bank a/c cr.
Is This Answer Correct ? | 20 Yes | 10 No |
Rent is direct income or indirect income
What is full rate on plywood box in haryana sale tax:
what is the main defference between cash flow and funds flow
2 Answers Chartered Accountant,
What do you mean by deffered expenses?
input vat, wht use in wct
WHAT IS RATE OF SERVICE TAX 2014-15
What is difference vat
what is Assets & Liabilities ?
4 Answers College School Exams Tests, EDS, Focus,
HI, i was given only 1st round and i made it through the first round, then was sent for the final HR round.In the HR round the HR manager dint ask me a single question of the related job,all he asked was as following:- i)what are your salary Expectations ii)are you ok to do night shifts.then he thanked me and said he will let me know by 2 days,when i asked him for any feedbacks and suggestions he said that he will let me know only after 2 days.SO please help me what shall i expect from this one of a kind interview. Many thanks in advance.
0 Answers Franklin Templeton, TTC,
Revenue Expenditure
0 Answers Chartered Accountant,
Upto what extent we can keep cash in hand on year end (31 march)
What are the AP accounting entries for EXPENSE ITEM VS Inventory Item in oracle ERP