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This discussion addresses how to account for excess payments made for manpower services, particularly when a portion of the PF amount was covered by a government waiver due to COVID-19. The recommended accounting entries involve debiting the party for the recovery and crediting EPF, then debiting EPF and crediting a 'EPF - Govt Contribution' account for the waiver.

manjeeta modi

manjeeta modi (Querist)
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06 March 2021 Hello Every one

we have taken mon power service from XYZ party and pay against .
but in covid -19 pandemic govt pay one side PF amount and we were recover excess payment to that party......
now in which account recovery amount will be booked?????

manjeeta modi

manjeeta modi (Querist)
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06 March 2021 Hello Every one we have taken mon power service from XYZ party and pay against . but in covid -19 pandemic govt pay one side PF amount and we were recover excess payment to that party...... now in which account recovery amount will be booked?????

Read more at: https://www.caclubindia.com/experts/accounts-2835279.asp

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
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28 March 2021 You have paid Excess PF to the manpower consulting services and at the time of recovery, pass the below entries:

XYZ - Dr,
EPF - Cr.

Tranferring Waiver from Govt due to Convid-19:

EPF - Dr.
EPF - Govt Contribution - Cr.

Thanks

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