what is the entry of employer's contribution towards epf and pension fund???
This query is : Resolved
24 February 2017
is it necessary to do a single entry of employer's towards epf and pension fund contribution with salary due?
entry of salary due is
basic pay dr
hra dr
conveyance dr
and all allowances given by employer debited
salary payable cr
esi contri. cr
epf contri. cr
and all deduction made by employer credited.
i think this is the full fledged journal entry of salary due...
but my question is ' may i book employer contribution towards epf and pension fund in journal with the above entry made by me??? if it is possible then what will be the entry???
please help me i m in confusion...
24 February 2017
Yes you can book the journal entry. The entry is Employer's PF contribution Dr and Employer's pension contribution Dr To epf contribution cr and pension contribution cr(liability ac).
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