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Pf , and esi payable accounting entry

sathiyadeepan (Finance Professional) (48 Points)

07 December 2013

Please provide the acconting entries for Esi and pf payable while making a payment . And kindly specify it with the accounting rule( as its a real or nominal )

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GAUTAM SHARMA (Audit Assistant) (353 Points)
Replied 07 December 2013

Salary a/c Dr.: Gross amount

Employer Contribution to pf Dr.: Employer Contribution Amount

Bank/Salary Outsanding Cr.: Amount Excluding Pf & ESI AMount

To Provident Fund Payable Cr.: Total PF Amount

To ESI Payable A/C Total ESI Contribution

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VIKASH KUMAR JAIN (Audit Executive) (711 Points)
Replied 08 December 2013

1. Employer contribution to pf dr. (Expense)Employee contribution to pf dr.(Liability) To pf payable 2. Pf payable dr. To bank a/c. cr. 3. E.S.I. payable dr. To bank a/c. cr.