Epf

This query is : Resolved

Sharad Marathe (Querist)
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24 October 2018 Please help for PF Payable Rs.20000/- but
PMRPY Amount -2000/-
Net Deposit Rs. 18000/-
how to entry pass in accounts please help

RAJA P M

RAJA P M (Expert)
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25 October 2018 Dr. EPF Account - Rs. 20k Cr. EPF Payable - Rs. 20k... Dr. EPF Payable - Rs. 2k Cr. PMRPY A/c - Rs. 2k EPF Payable - 18k to Bank A/c - 18k...

Rajnish Singh

Rajnish Singh (Expert)
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09 November 2018 Salary Dr
Employer contribution to EPF
To EPF Payable
To salry Payable

EPF Payable

TO pmy
To Bank

pmy dr.

to salry

Rajnish Singh

Rajnish Singh (Expert)
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09 November 2018 because employee portion expenses paid by gov. so expenses has to reverese.

RAJA P M

RAJA P M (Expert)
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09 November 2018 Employee portion is not expenses... It's liability...

Employer portions only expenditure account...

Rajnish Singh

Rajnish Singh (Expert)
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09 November 2018 ok mr. raja so whats about credit balance of pmy ledger

Rajnish Singh

Rajnish Singh (Expert)
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09 November 2018 employer are not liable to pay gov.

RAJA P M

RAJA P M (Expert)
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09 November 2018 It's under incomes head.

Rajnish Singh

Rajnish Singh (Expert)
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09 November 2018 Govt. add is not your income. Govt has just support to sme the employee portion . which was actualy paid by employer after deduction of employee salary.

let example
basic salary 100
epf 12
tds2
net payable - 86

if pmy yojana not applicable than the salary entry should be as below.

salary account dr 100
tds payale 2
epf payable 12
salary payable 86

second entry.
employer contribution to epf dr
admin charges Dr

To EPF payable

EPF payable Dr.
To Bank

now after entry of PMY

EPF Payable Dr
To PMY
TO Bank.

PMY yojana is subsidized by govt for betterment of employee for 3 years. so it is not a business income of employer.

It is better to reduce the expenses so that income part can be increased.

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