Interested to Buy Any Domain ? << Click Here >> for more details...
What is the journal and payment entry of P.F and E.S.I
- 21 Answers
- 226785 Views
- ABC, Chartered Accountant, IBM, Kohinoor, I also Faced
- E-Mail Answers
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 |
Post New Answer View All Answers
How do you add/remove a payment block for particular invoice ?
In the Manufacturing IF QC reject the material. Then where to record rejected material amount.
WHAT IS THE DEFINATIN OF IDENTICAL GOODS AND SIMILAR GOODS? WITH EXAMPLE?
Tell us did you use accounting applications at your previous companies or prefer working manually?
What is the difference between Accruals and Provisions?
What is corporate assesses?
1.what is the entry of petrol of payment made by credit card of owner? 2.what is the entry of petrol of payment made by credit card of Company?
sir, I wanted to know what is the difference between cash and cheque payment in terms of tax.
How much mathematics knowledge is necessary or required in accounting?
Explain accounting 101?
What is the difference between a cash flow statement and an accural profit & loss account ? And why do simple organisations do not feel the need for a profit and loss type of statement ?
Please explain the difference between provision and reserve?
a cc. has balance Rs. 8,40,000 at the credit of profit and loss a/c this balance is used for redemption of debentures what will be the entry
From the following particulars taken on 31 December, 1995, you are required to prepare a bank reconciliation statement to reconcile the bank balance shown in the Cash Book with that shown in the Pass Book: (i) Balance as per Pass Book on 31 December, 1995, O/D Rs 1,027. (ii) Four cheques drawn on 31 December but not cleared till January are as follows: Rs 12; Rs 1,021; Rs 98; and Rs 113. (iii) Interest on O/D not entered in Cash Book Rs 51. (iv) Three cheques received on 30 December and entered in the bank column of the Cash Book but not lodged in bank for collection till 3 January next: Rs 1,160; Rs 2,100; and Rs 2,080. (v) Cost of cheque book, Pass Book, etc; Rs 1.50 entered twice erroneously in Cash Book in November. (vi) A Bill Receivable for Rs 250 due on 29 December, 1995 was passed to the bank for collection on 28 December, 1990 and was entered in Cash Book forthwith whereas the proceeds were credited in the Pass Book only in January following. (vii) Chamber of Commerce subscription Rs 10 paid by bank on 1 December, 1990 had not been entered in the Cash Book. (viii) Bank charges of Rs 5 had been debited in the pass book twice erroneously. . . . plz be fast
Do you know overhead in terms of accounting?
