Provident fund
This query is : Resolved
04 July 2012
Dear All
What will the accounting entry for payment of provident fund in Tally ERP 9 ?
Will the whole amount of provident fund i.e. employer's contribution and employee's contribution be debited to profit and loss a/c ?
Thanks & Regards
Vishal Agarwal
What will the accounting entry for payment of provident fund in Tally ERP 9 ?
Will the whole amount of provident fund i.e. employer's contribution and employee's contribution be debited to profit and loss a/c ?
Thanks & Regards
Vishal Agarwal
04 July 2012
first for salary
admn/wages account Dr
To P F Employee P,ble A/c
(here Employee contribution should treated as liability )
2. on the time of payment
EPF employee P'ble Dr
EPF- Employer Cont Dr
To Bank A/c
(Here Employer Contbtn Should be under Personal Cost(Expense)
So only Employer contribution reflected to Profit and Loss Account
Employee contribution not reflected to Pl Account its shown in Balance sheet only
admn/wages account Dr
To P F Employee P,ble A/c
(here Employee contribution should treated as liability )
2. on the time of payment
EPF employee P'ble Dr
EPF- Employer Cont Dr
To Bank A/c
(Here Employer Contbtn Should be under Personal Cost(Expense)
So only Employer contribution reflected to Profit and Loss Account
Employee contribution not reflected to Pl Account its shown in Balance sheet only
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