Bhavesh (Accounts) (899 Points)
19 December 2011I want to know how to post the entry of PF
In the month of November PF of an Employee deducted Rs.80/- more (Instead of 700/- Rs.780/- has been deducted).
The PF has been paid in the Bank of Rs.700/- of what the actual amt. to be deducted. The Salary has been paid less.
How to Post the above entry.Pls. let me know.
Vineet Kumar Sharma
(Chartered Accountant)
(316 Points)
Replied 19 December 2011
Vineet Kumar Sharma
(Chartered Accountant)
(316 Points)
Replied 19 December 2011
Entries will be:-
1. At the end of Month:-
Salary Account .....Dr. <Whole Salary Amt.>
Employer's Contribution .....Dr. <Emp-er's Contribution>
To Salary Payable <Whole Salary Amt.-780>
To PF Payable Account <Emp-er's Contribution+780>
2. At the time of payment:-
PF Payable Account ......Dr. <Emp-er's Contribution+780>
To Bank Account
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