Accounting entries

Managment Remunaration A.c   Dr

to  PF account Collected (current liability under)

to TDS collected (current liability as under)

to Cash/ Bank A.c

Dear Ranvijay,

Journal entry in the books of Director:

Bank a/c                                     Dr

Provident fund a/c                      Dr

Professional Tax a/c                   Dr

TDS (Tax already paid) a/c        Dr

       To Salary a/c

(Being the entry passed for receiving salary, provident fund will be treated as an asset, professional tax will be deductible under section 16, & TDS already paid will be adjusted against the self-assessement tax.)

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100% Agree with Mr. Mihir Manohar