Entry for salary paid

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2013 pls give entry for following case.

a employee was hires for gross salary of Rs 10,000 p.m. Basic salary Rs 10,000 employer share to PF 12%, employees share 12%.

19 March 2013 means basic = gross in your case.
ok entry will be like this

salary dr. 10000
employer contribution to pf (under employee benefits salary only) dr. 1200
to bank - 8800
to PF payable 2400

.

pf payable - 2400
to bank - 2400




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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2013 no gross is gross only since company has fixed max CTC to 10,000. reply

19 March 2013 then entry should be like this:-

salary dr. 10000
to pf contribution by employer payable 1200
to pf contribution of employee payable 1200
to bank 7600.

else entry can be done in breakup also...means giving sub head under slary also.


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