Interested to Buy Any Domain ? << Click Here >> for more details...
How can we post Salary, PF etc., can anybody tell me the
entry
- 15 Answers
- 22632 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / taimoor akhlaq
Basically the employees benefits are the part of salary, in
case of provident fund there are different laws for
provident fund in different countries, in pakistan employer
is required to contribute equal to employees contribution.
when a salary is disbursed the following entry is passed by
the employer, while the employer retain the employee
contribution and pay him the net amount, but in actual the
expense to employer is the Gross Amount i.e 10,000(See
First Entry Below)
Salary Expense(Dr.) 10,000
Employee Contribution payable(Cr) 2,000
Cash/Bank (Cr) 8,000
Now the employer will contribute to the provident fund an
equal amount
Salary Expense - Employer P.fund Cont(Dr) 2,000
Employer contribution payable (Cr) 2,000
when the both contributions are paid to the fund
Employer Cont Payable(Dr) 2,000
Employee Cont Payable(Dr) 2,000
Cash/Bank (Cr) 4,000
however you can post the compount enty by merging the First
Two Entries.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / deepak
1. at the time of salary booked -
salary a/c dr
to pf payable a/c
to salary Payable a/c
2. At the time of payment -
Salary Payable A/c dr
to Cash/Bank a/c
3. Employer Contibution -
PF Employer Cotibution Dr.
to PF Payable A/c
4. At the time of PF Deposit -
PF Payable a/c Dr
To bank/Cash a/c
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ashwin kumar
Gross Salary a/c dr to pf payable a/c to Accrued salaries
a/c
(Employee salary exp to company,pf deducted from the
employee,Salary payable to employee)
PF a/c dr to pf payable a/c(emplyer contribution of pf)
Accrual Salaries a/c dr,To Bank a/c(salary payment)
PF payable a/c dr to bank a/c(pf remitence)
| Is This Answer Correct ? | 5 Yes | 6 No |
Answer / kamal
salary a/c dr
employer;s contribution a/c dr
To salary paable Cr
To employer contribution Cr
To Pf payble cr
(being salary provision passed for the particular month)
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / praveen sharma
SALARY A/C 10000 DR.
TO EMPOLYEE P.F.A/C 1000 DR.
TO SALARY PAYABLE 9000 DR.
AT A TIME PAYMENT
EMPOLYER P.F. A/C 2000 DR.
EMPLYEE P.G. A/C 1000 DR.
SALARY PAYABLE A/C 9000 DR.
TO CASH A/C 12000 CR.
(BECAUSE EMPLOYER CONTRIBUTION IS A EXP. OF COMPANY AND
EMPOLYEE CONTRIBUTION IS A LIABILITIES OF A COMPANY)
| Is This Answer Correct ? | 4 Yes | 8 No |
Define Trial Balance?
difference betwwen the 4.6 & 4.7 ecc versions
Queries for Big4 Articleship : Stipend and tenure of articleship period. Any leave period for preparation for exams.
difference b/w public and private company?
How can a profit & loss appropriation account have opening & closing balance ?what would be journal entry for it?
what is VAT ?
Expand G I S
What is Sec 80DD in Income Tax Act
what is the TTD junior asst exam syllubsexam held on sep 5 th plz tell me sir
what is assesment? who do the assesment by income tax or sale tax,and when doing the assesment?what is the perod limit of assesment? assesment order sent by income tax or sale tax which form?
Expand I B R D
Bank Charges (FIRC CHARGES) what the meaning of FIRC Charges?
Audit 
