SIR MAINE PF KA CHALLAN DEPOSIT KRNE KE BAD, REMAINING BAL. ABRY SCHEME ( UNDER COVID 19 ) MEIN SUBSIDY MIL GYI H USKI ENTRY TALLY MEIN KAISE HOGI, KIS HEAD MEIN IS SCHEME KA LEDGER OPEN HOGA IN TALLY
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P.F RELATED QUERY
Replies (1)
I hope you are corporate sector , so any government grants IND AS 20 will applicable
so you can treat this PF contribution given as grant by government as revenue .
pass entry
Bank A/c Dr
To Government grant for PF contribution A/c Cr
( Being grant received )
Transfer to PF contribution
Govt grant for PF contribution A/c Dr
To Employer contribution A/c Cr
To Emplyee Contribution A/c Cr
( Transfer of grant )
PF deposit with PF Department entry
Employer contribution A/c Dr
Employee contribution A/c Dr
To Bank A/c Cr
( payment made )
Government Grant for PF will be under Other income , Indirect income Profit and loss A/c
so you can treat this PF contribution given as grant by government as revenue .
pass entry
Bank A/c Dr
To Government grant for PF contribution A/c Cr
( Being grant received )
Transfer to PF contribution
Govt grant for PF contribution A/c Dr
To Employer contribution A/c Cr
To Emplyee Contribution A/c Cr
( Transfer of grant )
PF deposit with PF Department entry
Employer contribution A/c Dr
Employee contribution A/c Dr
To Bank A/c Cr
( payment made )
Government Grant for PF will be under Other income , Indirect income Profit and loss A/c
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