Journal entry
This query is : Open
11 July 2014
I dont know what entry needs to be passed in the books of employee for "Employer's Contribution to PF"
Also Entry for Interest on PF Contribution
Also Entry for Interest on PF Contribution
11 July 2014
if employor pays then no entry in books of employee as still he havent rec in his account or hand.
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11 July 2014
But the pf balance will not match if employers contribution is not recorded
11 July 2014
for employees contribution u need to pass entyr but not for employer
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11 July 2014
However the pf balance will not get tallied if employers contribution to pf is not recorded
11 July 2014
But when employer pays his contribution every month, it does not get credited to your bank account but the same is seen in your pf account. How would you account then
11 July 2014
then wat entry will u post for employrs contribution?
11 July 2014
then wat entry will u post for employrs contribution?
11 July 2014
That is what I have asked?
11 July 2014
but employee cant book it as it havent rec it though in pass book u can see but its not employees income and only when employee is eligible fto withdraw then only he must book his income.
11 July 2014
Of course it is employees income only as the same is shown in the pay scale also. and by the way the pass book belongs to the employee so there is no question of the fact that the employers contribution to pf is employee's income only. And withdrawal norms are to be followed as per epf act. It has nothing to do with journal entry. Entries can be recorded on accrual basis also. And that is what I have asked for?
11 July 2014
then every year u can book in employees book as :
bank a/c.........dr xx
to PF a/c
bank a/c.........dr xx
to PF a/c
11 July 2014
pf account will be added to capital later if p n l account is not maintained.
11 July 2014
But Which Bank I should debit as I already mentioned that the amount has not been credited into the bank account
11 July 2014
By the way PF account is a real account. It cannot be treated as nominal account
11 July 2014
By the way PF account is a real account. It cannot be treated as nominal account
11 July 2014
in earlier reply u told pas book is in name of employee so i suggested this entry.
otherwise u pass
pf recievable a/c.........xx
to pf a/c
recievable shall be shown in assets side.
otherwise u pass
pf recievable a/c.........xx
to pf a/c
recievable shall be shown in assets side.
11 July 2014
By the way PF account is a real account. It cannot be treated as nominal account
11 July 2014
Dear all,
you can pass following entries:
Salary A/c ----------------Dr.
To Employee Contribution to PF A/c
To Salary payable A/c
Employee cont. to PF--------- Dr.
Employers cont. to PF-------- Dr.
To Bank a/c
( deposit entry )
Profit & Loss a/c dr.
To Employers Contribution to PF A/c
you can pass following entries:
Salary A/c ----------------Dr.
To Employee Contribution to PF A/c
To Salary payable A/c
Employee cont. to PF--------- Dr.
Employers cont. to PF-------- Dr.
To Bank a/c
( deposit entry )
Profit & Loss a/c dr.
To Employers Contribution to PF A/c
11 July 2014
Thanks for the info, But here I would like to mention that entries are recorded in the books of employer and I have a doubt wrt entry in the books of employee
16 July 2014
why an employer have to maintain books of employee? what is concern?
16 July 2014
Who told that employer will maintain books of employee? Its obvious that employee would be wanting to prepare his books of accounts. And the above question is asked from the point of view of employee only.
16 July 2014
Who told that employer will maintain books of employee? Its obvious that employee would be wanting to prepare his books of accounts. And the above question is asked from the point of view of employee only.
16 July 2014
Who told that employer will maintain books of employee? Its obvious that employee would be wanting to prepare his books of accounts. And the above question is asked from the point of view of employee only.
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