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Salary Journal Entry Regarding..

Raghavan (Accounts Executive) (66 Points)

25 January 2011

Dear Friends,

I need your help regarding how to pass the journal voucher for salary, pf , esi , edli, & respected to bank Entries and also please help me where which are liabilities and assets kindly provide.

regarding,

M.Raghavan

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6 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 25 January 2011

EDLI has already included in employer provident fund that is 0.50 % no need to pass entry of it.

Salary Dr.. ( Gross salary indirect exp. )

Employee P.F. Cr. ( Current liab. 12 % of basic)

E.S.I.C. Cr. ( Current liab 1.75%)

Bank A/c Cr.

1 Like

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sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 25 January 2011

agree with pankaj but instead of crediting bank at first instance credit salary payable and then while making payment Dr salary payable and credit bank

Salary Dr is expense

All credits namely payables are laibilities

1 Like

AVIJIT (CA FINALIST) (370 Points)
Replied 18 February 2011

Originally posted by : sivaram
	agree with pankaj but instead of crediting bank at first instance credit salary payable and then while making payment Dr salary payable and credit bank Salary Dr is expense All credits namely payables are laibilities

agree completely.

Rohtash (CA - Final / CS / B.Com) (1140 Points)
Replied 26 February 2011

agree with pankaj but instead of crediting bank at first instance credit salary payable and then while making payment Dr salary payable and credit bank

Salary Dr is expense

All credits namely payables are laibilities...

rakesh (accountant) (36 Points)
Replied 02 March 2011

agree with pankaj but instead of crediting bank at first instance credit salary payable and then while making payment Dr salary payable and credit bank

Salary Dr is expense

All credits namely payables are laibilities...