Accounts

Save Share

This query is : Resolved

Quick Summary

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)
Follow

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)
Follow

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)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!