Epf and pension contribution entries in recipient account bo

An individual who contributes money in his/her EPF a/c from his/her salary and the employer also contributes its part in form of EPF and Pension, how these should be entered in the books of indiviudal account?

The question is important in the backdrop of any eventuality happening with the individual and his/her family is not aware of his/her assets from other sources other than his/her books of accounts.If these contributions are reflected in his/her books of accounts, the family will not suffer any loss and claim due amount from the government (EPFO).

 

Replies (3)
journal entry to be passed will be as follows-
EPF a/c dr.
to capital a/c

and since you are saying that this will help his family to claim the amt. due from govt... i have a question that how will you be calculating intt paid on such contribution? this ques. is just out of curiosity, pls dont take it otherwise.

Beneficiary can download his passbook and it has interest details in it which is added on year to year basis

okk... thanks for sharing the info

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