Salary to Ramesh Is Rs. 17000. In that Rs.200 deducted as PT. after Paid only Rs.16800 by cheque. how can I make correct salary entry for this. Like this 10 employees are there. 1)Ramesh name which a/c head have to group. 2) PT payable, PT Paid, Salary payable, salary paid which head gave to group.
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 03 March 2021
Salary a/c dr
to Salary payable a/c
Salary payable a/c dr
to Bank a/c
P/l a/c dr
to Salary a/c
Similarly,
P.Tax a/c dr
to P.tax payable a/c
P.tax payable a/c dr
to Bank a/c
P/l a/c dr
to P.tax a/c
All payables should br grouped under current liabilities
Salary and P.Tax should be under Indirect Expenses under Profit and loss account
to Salary payable a/c
Salary payable a/c dr
to Bank a/c
P/l a/c dr
to Salary a/c
Similarly,
P.Tax a/c dr
to P.tax payable a/c
P.tax payable a/c dr
to Bank a/c
P/l a/c dr
to P.tax a/c
All payables should br grouped under current liabilities
Salary and P.Tax should be under Indirect Expenses under Profit and loss account
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 03 March 2021
Try my consolidated version
By basic
By allowances
By company contributions
By admin charges
To epf/edict payable
To PT payables
To TDS payables
To labor welfare fund payable
To employee loan
To Salary advance
To Rent recovery
To Canteen expense
To salaries payable
when all the dues are paid
By Salaries payable
To Bank a/c
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