What is the journal and payment entry of P.F and E.S.I
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Answer Posted / sateesh kumar reddy.p
Salary A/c___Dr. 10000
Employer-ESI Contribution A/c____Dr. 475
Empolyer-PF Controbution A/c_____Dr. 1200
Employee-ESI Contribution Payable A/c______Cr. 175
Empolyee-PF Controbution Payable A/c_____Cr. 1200
Employer-ESI Contribution Payable A/c______Cr. 475
Empolyer-PF Controbution Payable A/c_____Cr. 1200
Professional Tax Payable A/c_____Cr. 150
Salary Payable A/c_______Cr. 8625
Here Employer-ESI&PF Contribution A/c's claim as indirect expenses.
Payment Entry.
1.Salary Payable A/c____Dr. 8625
Cash/Bank A/c______Cr. 8625
Payment to Employee.
2.PT payable A/c____Dr. 150
Cash/Bank A/c______Cr. 150
Payment to State Govt.
3.Employee-ESI Contribution Payable A/c____Dr. 175
Empolyee-PF Controbution Payable A/c___Dr. 1200
Employer-ESI Contribution Payable A/c____Dr. 475
Empolyer-PF Controbution Payable A/c___Dr. 120
Cash/Bank A/c____Cr. 1970
Payment to Central Govt.
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