Regarding pf entries
This query is : Resolved
15 December 2011
Sirs,
How we make entries for PF contribution of employee and employer. In employer contribution we split their contribution like 8.33% for pension plan and 3.67% (totally 12%). Whereas how we make entry in company's book. how we verify the same. please explain clearly
Thank you,
Regards,
Dhanapal.
How we make entries for PF contribution of employee and employer. In employer contribution we split their contribution like 8.33% for pension plan and 3.67% (totally 12%). Whereas how we make entry in company's book. how we verify the same. please explain clearly
Thank you,
Regards,
Dhanapal.
Ravindra Srinivasa
(Expert)
16 December 2011
EPF employees share deducted from salaries and wages of the employees is a liability.
EPF employer's share if it is not paid ( Credit to Liability in Balance Sheet), it is liability and when it is paid it is allowable expenditure (Debit to Profit and Loss Account)
For verification you need to check up the salaries and wages register, deduction column, applicability and accountability, calculation part and then compare the same with remitted challans.
EPF employer's share if it is not paid ( Credit to Liability in Balance Sheet), it is liability and when it is paid it is allowable expenditure (Debit to Profit and Loss Account)
For verification you need to check up the salaries and wages register, deduction column, applicability and accountability, calculation part and then compare the same with remitted challans.
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