PF monthly entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 Is PF recorded in books by passing one entry (consolidated for all employees) per month as below?

Let say X amount is the salary ,employers contribution is y.& Z is the employee share

Salary A/c X
Employers` contribution to PF y
To Salary Payable X-z
To Employers Contri to PF payable y
To Employee Contribution to PF payable A/c z

thnx

Rahul Gupta

Rahul Gupta (Expert)
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06 August 2010 In view, Yes it could be posted like this. Further on payment debit the payables account.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2010 Sir
from your reply it seems there is a better way to record this entry, if so pls write the entry.
Can esic be recorded in the same way?

thanks

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Rahul Gupta

Rahul Gupta (Expert)
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06 August 2010 I am just thinking that there can be two entries also diffrentiating the salary part and Employer contribution to PF. But it will have the same effect. So no use of that.

Also, for ESI the same type of entries can be passed.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2010 thank you Rahul!! it is me kirti.

Rahul Gupta

Rahul Gupta (Expert)
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07 August 2010 I know Kirti....You name came on my mail..
I hope , i am able to answer your queries now.....