Provident fund
This query is : Resolved
CA Vishal Agarwal
(Querist)
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
CA BHARATH KUMAR
(Expert)
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Movement of goods by packers and movers - type of sale - Reg.
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Closer of business and itc of capital goods
- Appointment of Auditor By Form ADT-1
- RCM and same line
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
