Group medical insurance-accounting entries

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21 Points Posted on 08 July 2018

My company has paid RS xxx as premium towards employees medical insurance for 1 full year. Each month we have to deduct specific amount from all employees from salary.

Suggest me accounting entries.

In case new employee joins, somebody resigns how to account it.

 

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On 08 July 2018 at 00:31 Report
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"Do the Right Thing...!!!"
77792 Points Posted on 08 July 2018
If Salary Rs. 10k and You ll deduct Rs. 500 for Insurance amount

Journal :
Dr. Salary Paid A/c - Rs. 10000
Cr. Salary Payable Mr. A - Rs. 10000

Payment :
Salary Payable Mr A - Rs. 9500
To Bank / Cash A/c - Rs. 9500

Journal :
Dr. Salary Payable Mr. A - Rs. 500
Cr. Insurance A/c - Rs 500
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On 08 July 2018 at 06:22
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11239 Points Posted on 08 July 2018
Good explanation sir.


.



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On 08 July 2018 at 10:39

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