What is the journal and payment entry of P.F and E.S.I
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Answer Posted / 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 ? | 67 Yes | 18 No |
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