Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 May 2012
journal entry from company point of view
an employee draws salary of 10000 per month (incl. employee's contribution to PF 700) prof. tax 150. & employer's contribution to PF 700.
an employee draws salary of 10000 per month (incl. employee's contribution to PF 700) prof. tax 150. & employer's contribution to PF 700.
30 May 2012
Salary A/c Dr 10,000
To Employees' Contribution to PF 700
To Professional Tax Payable 150
To Salary Payable 9,150
Employees' Contribution to PF 700
Employer's Contribution to PF 700
To PF Payable A/c 1,400
PF Payable A/c Dr 1,400
To Bank A/c 1,400
Professional Tax Payable A/c Dr 150
To Bank 150
To Employees' Contribution to PF 700
To Professional Tax Payable 150
To Salary Payable 9,150
Employees' Contribution to PF 700
Employer's Contribution to PF 700
To PF Payable A/c 1,400
PF Payable A/c Dr 1,400
To Bank A/c 1,400
Professional Tax Payable A/c Dr 150
To Bank 150
Message likes :
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30 May 2012
Agreed with the expert, Simple way...
Journal Entry:
Salary A/c Dr 10,000/-
Employers Contribution to PF A/c Dr 700/-
To PF Payable 1400/-
To Proffesional Tax Payable 150/-
To Salary Payable 9,150/-
(Being Salary for the month of .......accounted for)
While Paying:
Salary Payable a/c Dr 9,150/-
To Cash / Bank 9150/-
PF Payable a/c Dr 1400/-
To Bank 1400/-
Proffesional Tax Payable A/c Dr 150/-
To Bank a/c 150/-
Journal Entry:
Salary A/c Dr 10,000/-
Employers Contribution to PF A/c Dr 700/-
To PF Payable 1400/-
To Proffesional Tax Payable 150/-
To Salary Payable 9,150/-
(Being Salary for the month of .......accounted for)
While Paying:
Salary Payable a/c Dr 9,150/-
To Cash / Bank 9150/-
PF Payable a/c Dr 1400/-
To Bank 1400/-
Proffesional Tax Payable A/c Dr 150/-
To Bank a/c 150/-
Message likes :
1 times
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