Contribution to epf & esi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2016 SIR
Can u please tell me the Rules to deduct ESI and EPF. AND WHAT SHOULD BE THE JOURNAL ENTRY REQUIRED TO BE PASSED IN TALLY ?

Employer contribution to epf and esi is expenditure for him or not.

please tell m i right or wrong..........ASSUMe SALARY Rs. 10000/-

SALARY A/C (expense) DR 10000
EMPLOYER ESI (expense) DR 367
EMPLOYER EPF (expense) DR 475
TO EMPLOYEE EPF PAYABLE (liability) 1200
TO EMPLOYEE ESI PAYABLE (liability) 475
TO EMPLOYER ESI PAYABLE (liability) 367
TO EMPLOYER EPF PAYABLE (liability) 475
TO SALARY PAYABLE A/C (liability) 8325

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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14 April 2016 Absolutely right...!!!
There are two deduction type one is taking from employee and second is contributed by employers. so collect will be paid which is like liability arise and paid set off but contribution by employer they have to write as expense.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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14 April 2016 You have done right entry even you can bifurcate into two entry. 1. salary entry 2. employer contribution entry.

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