Esic & epf
ANKIT KATARIYA (ARTICLE ASSISTENT) (25 Points)
05 March 2016
HOW TO ACCOUNT FOR ESIC & EPF BY EMPLOYEE IN THEIR BOOKS OF ACCOUNTS.
PLZ SEND ME ENTRIES FOR SAME.
ANKIT KATARIYA (ARTICLE ASSISTENT) (25 Points)
05 March 2016
rajesh
(Audit and Assurance)
(117 Points)
Replied 05 March 2016
Hi,
for an employee ESIC and EPF is like a recurring deposit. You can pass the reciprocal Salary entry for the employee as below-
ESIC Dr.
Providnet Fund Dr.
Bank (reciept) Dr.
Salary Cr.
Further if you want to split ESIC as per the break also then categorisation will be according to ' Expenses" and " Current Assets".
Hopt it clarifies
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
