Venkata Chennaiah (9 Points)
21 July 20231. Factory Workers Monthly Salary, PF and ESI is which types of expenses and where can we mention in Financial Statements
2. Daily Labour in Factory Payment is which type of expenses and where can we mention in Financial Statements
3. What are the rules for Daily Labour
NARENDRA
(ACCOUNTS MANAGER)
(1782 Points)
Replied 21 July 2023
1) If it is a salary , you can book it as a salary under indirect expenses but though its a workers salary you should book it as a wages under direct expenses . As far as concerned about the pf & esi you should read & understand the formulas of it , how much contribution of Employer & how much of employee . If you are doing accounting of the employer side then you will have to make provision of pf & esi as per the calculations .
2) Labour Payment - wages - under Direct Expenses if it is a manufacturing company.
3) Didn't get your 3rd point but Rules may be differ from one to another .
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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