P.tax on sallary
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2012
please suggest how to pass entry when professional tax paid by employer.
how it's effect will be in accounts
it's urgent
thanking you
how it's effect will be in accounts
it's urgent
thanking you
Guest
Guest
(Expert)
27 February 2012
Pass the following entries-
1. Entry for booking expense-
Salary a/c Dr. ( Amt of salary)
To P Tax payable a/c
( Amt of P Tax)
To salary payable a/c
( net amt payable to employees after deducting P Tax)
2. Entry for payment-
P Tax payable a/c Dr.
Salary payable a/c Dr.
To bank a/c.
1. Entry for booking expense-
Salary a/c Dr. ( Amt of salary)
To P Tax payable a/c
( Amt of P Tax)
To salary payable a/c
( net amt payable to employees after deducting P Tax)
2. Entry for payment-
P Tax payable a/c Dr.
Salary payable a/c Dr.
To bank a/c.
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