P.F & E.S.I.C

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2010 Dear Sir,

I am new in Account. I want Know how can i pass entry in Tally Software as P.F & ESIC. And ledger creation of it under Which Heads.

Thanks for your Reply. But Actuly my problem is not comlete, because P.F & Esic both are Employees contribution is paid to the goverment & employers contribution is Shown in Profit & Loss Account.

Here is problem create if i create ledger pf & Esic under Current liablities it appear in balance Sheet not P/L Account.

Rahul Gupta

Rahul Gupta (Expert)
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09 July 2010 Create Ledger accounts for PF Payable and ESI Payable under current liabilities and sub group under statutory liabilities.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 July 2010 PF and ESIC ledger need to group under Current liablites and while passing salar entry credit the PF and ESI deducted from employee and employer contribution Dr: employer Contribution PF & ESI ( expenses) and credit PF & ESI (Liabilites)

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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09 July 2010 DEAR ,

PLEASE ALSO GO THE FOLLOWING PATH:-
https://www.caclubindia.com/experts/esi-pf-treatment--153681.asp

AGREE WITH SH. RAHUL JI& KRISHNAN JI,

AND NOTED THAT:-

JOURNAL ENTRIES:-

SALARIES A/C DR
PF & ESI TO BE PAID A/C CR
(BEING AMOUNT DEBITED FOR SALRIES ACCOUNT)

PF & ESI TO BE PAID A/C DR
BANK / CASH A/C CR.

PF : Provident fund is calculated @ 12% on the basic salary, which indeed is deducted from Employee's salary and the same plus 12% on the basic is contributed by the
Employer. So the aggreate 12% + 12% is remitted to the Provident fund Department

ESI: Employee State Insurance is calculated at 1.75% on
The gross salary of the employees whose salary is below Rs.
10000/-permonth (w.e.f 2008) and Employer contributes 4.75%
on the gross salary of the employee and the agreegate 1.75%
+ 4.75% is remitted to the ESI Department

VAT: VAT percentage is 1, 4, and 12.5%. It is a tax which is
charged on the basic value of the product by the seller
from the buyer and the same is remitted to the Sales Tax
Departement. for eg if the product value is Rs. 100 and the
tax applicable is 4%, in such case a bill is raised for Rs.
104.

SALES TAX: Same as VAT

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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28 September 2013 THANKYOU FOR THANK ME .

REGARDS,