22 April 2020
Hi, Recently Government of India announced PF Employee and Employer shares will born by Govt if Gross income below Rs 15,000 /- or employees below 100 Members. How to bring Government paid PF amounts in books. What are the entries to be passed. Please Guide me.
05 May 2020
Create a new ledger as something called "Govt. EPF Contribution" and adjust the same at the time of making payments with this ledger. Rest initial process will remain same.
It will be shown as Indirect Income in Income Statements.
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