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Accounting entry for salary, EPF, ESIC (Accounts)

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This query is : Resolved

Author : Anonymous

( Author )
26 June 2010

Dear all

please tell me the entry for the salary ,EPF, ESIC.

dinesh


CMA Ramesh Krishnan

( Expert )
26 June 2010

Dr: Salary
Dr: Employer PF contribution
Dr: Employer ESI Contribution
Cr: TDS on Salary
Cr: Provident fund payable
Cr: ESI payable
Cr: Salary payable/Bank


CMA.Palani Arumugam

( Expert )
26 June 2010

Agreed.


CA AYUSH AGRAWAL

( Expert )
08 December 2012

1. Pass the journal entry when salary is due.


Basic Salary Debit

Allowances Debit

Company Contribution to EPF Debit

Company Contribution to EPS Debit

Administration Charges to EPF Debit

Company contribution to ESIC Debit

EPF Payable Credit

EPS Payable Credit

ESIC Payable Credit

Professional Tax Payable Credit

TDS Payable Credit

Labour welfare fund Payable Credit

Loan to Employee Credit

Salary Advance to Employee Credit

Rent Recovery Credit

Canteen Expense Credit

Salary Payable Credit


2. Pass the journal entry of the payment of salary.

Salary Payable Debit
Cash/ Bank Credit


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