Accounting entries for salary income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2013
Dear Experts,
While passing accounting entries, net salary received is considered as income. Also is pt,income tax & employees pf is considered as income?Foll entries:
Bank a/c dr
To salary Net Salary recd
PF(Employees contri) a/c Dr
PT Dr
TDS Dr
To salary
Are these entries correct??
Also what abt employers contribution to pf and pension fund...can we pass foll entry:
PF Dr
Pension fund Dr
To Capital
While passing accounting entries, net salary received is considered as income. Also is pt,income tax & employees pf is considered as income?Foll entries:
Bank a/c dr
To salary Net Salary recd
PF(Employees contri) a/c Dr
PT Dr
TDS Dr
To salary
Are these entries correct??
Also what abt employers contribution to pf and pension fund...can we pass foll entry:
PF Dr
Pension fund Dr
To Capital
CMA Ramesh Krishnan
(Expert)
22 August 2013
Since you are considering net salary as income, how other deductions come under Debit
Last entry PF to Capital is correct
Last entry PF to Capital is correct
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