Salary Entry Mar`08

This query is : Resolved

ANSHUMAN KHANDELWAL (Querist)
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09 April 2008 1)if some body resigned from company on Feb`08 but Full & Final payment(with notice period salary) has done on april`08, then how to enter this transaction in books?

2)please give any format for monthly salary entry format which includes all bifurcation e.g.basic pay+DA+Conv.allw.+HRA+PF (both employee+emplyer ded.)with TDS ded.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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09 April 2008 DEAR ANSHUMAN,
YOU HAVE TO CREATE SIMPLE JOURNAL ENTRY OF SALARY
1. FOR SALARY DUE ENTRY
SALARY DR TOTAL SALARY AMT
FUND PAYABLE - EPF EMPLOYEE CONT TO PF
FUND PAYABLE - ESI EMPLOYEE CONT TO ESI
TDS PAYABLE - SALARY TDS DEDUCTION
ADVANCE TO STAFF ADVANCE IF ANY
NOTIC PAY RECD NOTICE PAY DEDUCT
SALARY PAYABLE NET SALARY PAYABLE

2. FOR EMPLOYER CONTRIBUTION TO FUNDS
EMPLOYER CONTRIBUTION TO FUND DR
FUND PAYABLE - ESI AMT EMPLOYER CONT
FUND PAYABLE - EPF AMT EMPLOYER CONT.

NOW THESE STATUORY DUE IS PAID IN TIME.
SALARY RELATED TO SUCH EMPLOYEE IS OUTSTANDING IN BOOK OF ACCOUNT.
IN APRIL
SALARY PAYABLE DR
TO BANK

R.V.RAO

R.V.RAO (Expert)
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10 April 2008 THE SALARY DUE ENTRY AS ADVISED BY SRI BANSAL ABOVE IS REQUIRED AS ON 31 ST MARCH, BECAUSE THIS ENTRY WILL ENSURE BOOKING OF THE TOTAL EXP. FOR THE FIN. YEAR DURING THE YEAR ITSELF.
AGAINST THIS DUE ENTRY ON 31 ST MARCH, THE ACTUAL PAYEMENT ENTRY WILL BE MADE IN APRIL.
R.V.RAO

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