Epf
This query is : Resolved
Sharad Marathe
(Querist)
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
PMRPY Amount -2000/-
Net Deposit Rs. 18000/-
how to entry pass in accounts please help
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
(Expert)
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
Employer contribution to EPF
To EPF Payable
To salry Payable
EPF Payable
TO pmy
To Bank
pmy dr.
to salry
Rajnish Singh
(Expert)
09 November 2018
because employee portion expenses paid by gov. so expenses has to reverese.
09 November 2018
Employee portion is not expenses... It's liability...
Employer portions only expenditure account...
Employer portions only expenditure account...
Rajnish Singh
(Expert)
09 November 2018
ok mr. raja so whats about credit balance of pmy ledger
Rajnish Singh
(Expert)
09 November 2018
employer are not liable to pay gov.
Rajnish Singh
(Expert)
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.
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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