Sir,
Plz suggest me accounting entries for salary received in books of empoyee.
Treatment of EPF deduction from salary & Employer contribution.
If any employee withdrew EPF amount what accountung entries will be taken by himself.
IF Gross salary is Rs 10000.00 PM.
On ReCeipt
Bank A/C Dr
To salary A/C
To EPF Contribution
EPF Contributiopn of which????? (Employee or Employer)
Plz understand me in detail.
you can take all amount of salary for accounting puspose.
entry- salary a/c
to, cash
May I take entry as:
EPF A/c (Employee) Dr. 1200.00
ESI A/c Dr. 175.00
Bank/ Cash Dr. 8625.00
To Income from Salary 10000.00
But amount of EPF Contribution (Employee) where it is to be taken. How can I reconcile it with EPF ePassbook.
| Originally posted by : Rajnish Kumar | ||
 |
May I take entry as: EPF A/c (Employee) Dr. 1200.00 ESI A/c Dr. 175.00 Bank/ Cash Dr. 8625.00 To Income from Salary 10000.00 But amount of EPF Contribution (Employee) where it is to be taken. How can I reconcile it with EPF ePassbook. |
 |
You can transfer EPF Contributin A/c to Investments (In Old Schedule 6) or to Non Current Investments (In New Schedule 3).
From Employee Point of View Enttry Is
Bank A/C Dr 9600
EPF A/c Dr 400
To Salary A/c 10000
For Employer Cont
EPF A/C Dr 400
To salary A/c 400
From employee's view:
Bank A/c Dr. 88000
Employee's contribution to EPF Dr. 12000
To Salary a/c 100000
When Epf withdrawn
Bank A/c Dr. 12000
To Employee's contribution to EPF 12000
CAclubindia
