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Employer & employee contribution to e.s.i.
Both employer and employee contribution to E.S.I. should be considered as liability or indirect expenses.?
Replies (3)
ESI Payable should be considered under current liabilities and sub group under statutory liabilities.
ESI should be considered as Current liablites and while passing salary entry credit the ESI deducted from employee and employer contribution Dr: employer Contribution ESI ( expenses) and credit ESI (Liabilites).
My teachers has been teaching me that employee contribution to E.S.I. should be considered as current liability and Employer contribution to E.S.I. should be considered as indirect expenses .Is it correct
yes, Its cost to the company
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