hi experts,
please let me know accounting entries for provident fund?
thanks
1. employee's contribution
Basic pay Dr.
allowances. Dr.
perquisites. Dr.
to employee's contribution to provident fund a/c
to salaries payable a/c
2. employer's contribution to provident fund
employer's contribution to provident fund a/c. Dr.
to pf payable a/c
3. transfer employee's contribution to pf payable a/c
employee's contribution to provident fund a/c. Dr.
to pf payable a/c
4. on payment to statutory authority
pf payable a/c. Dr.
to bank a/c
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