Dear Team,
please tell me what will jv of salary of the month with epf and esic, when the employees had already received 40%of advance salary.
Also please tell what is the update EPF AND ESIC rate of employer and employee contribution 👌
@ Jitendra Kumar what you have pass entry of normal monthly Salary
But first he has taken advance salary then balance salary
so 40% entry will be
Advance Salary A/c Dr
To bank A/c Cr
( Advance Salary paid )
Then balance salary payment
Salary payable to Mr X A/c Dr
To Bank A/c Cr
To Advance Salary A/c Cr
To ESIC A/c Cr
To EPF A/c Cr
( Balance Salary paid with adjustment )
Dear Jitendra Kumar , when we pay Advance salary we have to pass entry this way only , Advance will be adjusted at time of atual payment . Also full Salary will be debited to Profit & Loss A/c .
Yes , you are correct After advance Salary entry , I miss payable entry .
In between entry will be
Salary A/c Dr
To Salary payable to Mr X A/c Cr
( Salary payable )
Dear @ sabyasachi
provision entry is exactly above your query , which I miss in hurry and made above your query .
Salary A/c Dr
To Salary Payable
( Salary payable )
Dear Raza , I already pass all entries in the same earlier query . please refer your earlier query .
CAclubindia
