Salary pf and bonus

This query is : Open

sureshselva (Querist)
Follow

28 December 2010 Respected sir

I am accountant in private organization i want to now how make accounts entry for
01. for staff payable and deduction form staff
02.how make payment for pf threw bank
03.how to create bones entry
04,how make payment for bonus

note : bonus should be accounts entry only not cash not affect ,it like provision only not realy paid into hand staff

thanking you

VANDANA

VANDANA (Expert)
Follow

29 December 2010 1. ENTRY FOR SALARY PAYABLE WITH VARIOUS DEDUCTIONS LIKE PF /PT??

Salary to staff A/C ...............DR
Employees contri to P/F A/C........DR
Employees Profession tax A/C.......DR
TO Salary Payable A/c
(Being Salary payable to(staff name) for the month of (month)aft deduction of PF & PT)

2. HOW TO MAKE PAYMENT OF P/F ??
First you have to make a challan for the contribution of PF made by employees & employer with administration chgs, With duly filled challan & Cheque , it is to be submitted in SBI (Nationzed Bank), thereafter You'll get a token from bank, after receive a token you have to collect PF Challan from Bank after 10 days from submission date.

3. HOW TO MAKE PROVISION FOR BONUS ENTRY??

BONUS 2009-10 A/C.............DR
To Bonus Payable A/c

IF BONUS PAID TO THESE EMPLOYEES, THAN ENTRY WILL BE

Bonus payable A/c .......DR.
TO Bank A/c

I hope .... its useful to u.....if anything pl revert back

Regds,
VANDANA