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What is the journal and payment entry of P.F and E.S.I
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Answer Posted / 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.
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