Pursuing articleship
1482 Points
Joined April 2009
1. ESIC is deducted from salary(i.e employees contribution) so entry would be-
Salary A/c Dr.
To Employees contribution to ESIC
To Bank
2. Entry for employers contribution to ESIC
a.Employers contribution to ESIC A/c Dr.
To ESIC Payable
b. Profit & Loss A/c Dr.
To Employers Contribution To ESIC
3. Entry for payment of both
ESIC Payable A/c Dr.
Employees Contribution to ESIC A/c Dr.
To Bank