This is just query. if pf deducted last year incaseThis year still not paid can be possible to pay and show in accounts...
How to pass the Entry..??
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PF Query
Replies (2)
When payable entry was passed when it became due last year, PF payable (liability) must have been credited. Since, the payment has been pending for long, hence the liability must have been also sitting in the BS. Just debit the PF payable A/c when actual payment is made. (Also take care of the interest and penalty to be payable due to the delay).
Yes... Interest and Penalty is applicable for late payment of PF.
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