ENTRIES OF ESIC
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 November 2010
Dear Sir,
Pls suggest me what should be the entries if we are deducting ESIC contribution from workers wages like 1.75%, Contribution of employer 4.75% & paying to ESIC total of both.
What should be the entries in ESIC a/c & in wages a/c.
pls suggest .
thanks.
Pls suggest me what should be the entries if we are deducting ESIC contribution from workers wages like 1.75%, Contribution of employer 4.75% & paying to ESIC total of both.
What should be the entries in ESIC a/c & in wages a/c.
pls suggest .
thanks.
27 November 2010
Assume you are paying 1000 gross salary, 175 ESIC deduction and balance paid to employee is 825. Entry is:
Debit Salary Exps 1000, Credit ESIC Liability 175, Credit Cash 825 (825 is paid to employee)
Debit Salary Exps 1000, Credit ESIC Liability 175, Credit Cash 825 (825 is paid to employee)
27 November 2010
When you pay the liability of 175. The entry is
Debit ESIC Liability 175, Credit Cash 175. Liability account becomes zero
Debit ESIC Liability 175, Credit Cash 175. Liability account becomes zero
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27 November 2010
For the employer's contribution. Pls note that this is an expense which is not recovered from the employee.
Assume the contribution is 200. The entry is:
Debit Employer's Contribution Exps 200 Credit Employer's Contribution Liability 200
Assume the contribution is 200. The entry is:
Debit Employer's Contribution Exps 200 Credit Employer's Contribution Liability 200
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27 November 2010
When you pay the liability of 200. The entry is
Debit Employer's Contribution Liability 200, Credit Cash 200. Liability account becomes zero
Debit Employer's Contribution Liability 200, Credit Cash 200. Liability account becomes zero
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