29 May 2009
i just want the detail explanation of the entry as it will come under which head and is it the cost of the company and is the pf contribution from employer is deducted from employer salary or it is made by the company contribution
10 June 2009
You Must create Following Accounts- under the head mentioned:
1. Employees PF Contribution : Under Current Liability of which Accounts Balance must be zero after paying challan
2. Employers PF Contribution : Under Expenses (Indirect)
3. Pension Fund Contribution : Under Expenses (Indirect)
4. Admin. Charges (PF) : Under Expenses(Indirect)
5. EDLI Charges (PF) : Under Expenses(Indirect)
Following are Rate References which help you: P.F. Cont. (Employee's+Employer's Share) A/c No. - 01 - 12% + 3.67% Pension Fund Contribution A/c No. - 10 - 8.33% Administrative Charges A/c No. - 02 - 1.10% E. D. L. I. F. A/c No. - 21 - 0.50% Administrative Charges A/c No. -22 - 0.01%
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