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Esic & epf
HOW TO ACCOUNT FOR ESIC & EPF BY EMPLOYEE IN THEIR BOOKS OF ACCOUNTS.
PLZ SEND ME ENTRIES FOR SAME.
Replies (1)
Hi,
for an employee ESIC and EPF is like a recurring deposit. You can pass the reciprocal Salary entry for the employee as below-
ESIC Dr.
Providnet Fund Dr.
Bank (reciept) Dr.
Salary Cr.
Further if you want to split ESIC as per the break also then categorisation will be according to ' Expenses" and " Current Assets".
Hopt it clarifies
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