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P.F RELATED QUERY

10 February 2022

SIR MAINE PF KA CHALLAN DEPOSIT KRNE KE BAD, REMAINING BAL. ABRY SCHEME ( UNDER COVID 19 ) MEIN SUBSIDY MIL GYI H USKI ENTRY TALLY MEIN KAISE HOGI, KIS HEAD MEIN IS SCHEME KA LEDGER OPEN HOGA IN TALLY

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prasad Nilugal ( GST Practitioner & Accounts ) (14612 Points)
Replied 10 February 2022

I hope you are corporate sector , so any government grants IND AS 20 will applicable
so you can treat this PF contribution given as grant by government as revenue .
pass entry

Bank A/c Dr
To Government grant for PF contribution A/c Cr
( Being grant received )

Transfer to PF contribution

Govt grant for PF contribution A/c Dr
To Employer contribution A/c Cr
To Emplyee Contribution A/c Cr
( Transfer of grant )

PF deposit with PF Department entry

Employer contribution A/c Dr
Employee contribution A/c Dr
To Bank A/c Cr
( payment made )

Government Grant for PF will be under Other income , Indirect income Profit and loss A/c