what is the treatment for EPF employee contribution and employer contribution in accounts? and how it will reflect in the P/L account?
2 Replies
CA Deepak Chhabra
(Practice)
(66 Points)
Replied 14 May 2009
The amount received from employees towards PF plus amount contributed by the employer plus administration charges is debited to pf payable account every month & this amount is deposited upto 20th of the next month.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 15 May 2009
what is the treatment for EPF employee contribution
Ans : Please note this is Liability A/c will not effect Profit & Loss A/c
and employer contribution in accounts? and how it will reflect in the P/L account?
Ans : Please note this is Expense Account should be clubbed under head Staff Cost.
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