I want to know how to post the entry of PF
In the month of November PF of an Employee deducted Rs.80/- more (Instead of 700/- Rs.780/- has been deducted).
The PF has been paid in the Bank of Rs.700/- of what the actual amt. to be deducted. The Salary has been paid less.
How to Post the above entry.Pls. let me know.
Entries will be:-
1. At the end of Month:-
Salary Account .....Dr. <Whole Salary Amt.>
Employer's Contribution .....Dr. <Emp-er's Contribution>
To Salary Payable <Whole Salary Amt.-780>
To PF Payable Account <Emp-er's Contribution+780>
2. At the time of payment:-
PF Payable Account ......Dr. <Emp-er's Contribution+780>
To Bank Account
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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