Calculation of epf and esi

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srikanth (Querist)
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23 January 2019 Dear Sir,

I want to know Calculation and Accounting Entries of PF and ESI
Please tell me with illustration.

Thanking You:-

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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24 January 2019 PF is calculated on basic subject max Rs.15000/- @12% 8.33% Pension ,3.67% PF, Employer contribution 12%. + Admin chgs

ESI calculated on Gross Salary subject ceiling Rs.21000/-
Employees salary deduction 1.75% employer contributions 4.75%

Salary Provision

Salary Gross Dr
PF Payable. Cr
PT Payable Cr
ESI Payable Cr
Salary Payable Cr

Employer Contribution entry

Employer Contribution to Pf Dr
Employer Contribution to ESI Dr
PF Payable Cr
ESI Payable Cr

Payment

PF Payable dr
Bank. Cr

ESI Payable Dr
Bank. Cr

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