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

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.

Is This Answer Correct ?    42 Yes 15 No



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