Providend fund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2010
Co has deduct the PF & ESI from employees salary it is under the Expenses or Liability side
Shudhanshu Agrawal
(Expert)
13 July 2010
It shall be treated as liability and not expenses. But these amount has been included in expenses when the company has debit the salary expense A/c.
13 July 2010
Employee PF & ESI contribution is shown under other liablities under Liablity side.
13 July 2010
Salary is booked in always on gross amount, not individual.
Salary A/c Dr.
To Employee Contribution to PF& ESI
TO TDS
TO Cash/Bank.
Salary A/c Dr.
To Employee Contribution to PF& ESI
TO TDS
TO Cash/Bank.
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