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How can we post Salary, PF etc., can anybody tell me the
entry
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Answer Posted / 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.
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