How to pass salary entry in case of ctc amount

A/c entries 1702 views 1 replies
Please let me know how to pass salary entry for the below transaction in the books of company and also how to pass an entry for PF employee and employer contribution along with due entry and payment entry. Suppose my Cost to Company (CTC) is Rs. 40,000/- (breakup - Basic + DA - Rs. 15,000/- ; HRA - Rs. 7,500/- ; Conveyance - Rs. 1,600/- ; Other Allowance - Rs. 15,900/- Deductions - PT - Rs. 200/- ; TDS - 450/- ; PF Employee contribution @ 12% on Basic + DA - Rs. 1,800/- ; PF Employer @ 13.61% on Basic + DA - Rs. 2,042/- Net salary payment - Rs.35,508/-
Replies (1)
Particulars L/F Debit Amount Credit Amount
Basic + DA  A/c   15000  
HRA  A/c     7500  
Conveyance Allowance A/c   1600  
Other Allowance  A/c   15900  
  PT  A/c     200
  TDS  A/c     450
  PF Employee contribution A/c
  ( @ 12% on Basic + DA )
    1800
  PF Employer Contribution A/c
( @ 13.61% on Basic + DA )
    2042
  Cash / Bank A/c     35508
      40000 40000


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