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is provident fund is liability or indirect expenses for
employer???
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Answer / pankaj
Provident Fund is of Two types, as Follows below :
One is Employees Contribution
And Second one is Employer's Contribution
In the case of Employees Contribution, it is a liability(Current Liability) for employer.
In the case of Employer's Contribution, it is an expenses for employer.
| Is This Answer Correct ? | 59 Yes | 6 No |
Answer / barodianbuddy(acca)
PF contributions are done by employer and employee. In the books of company PF Employee contribution is shown as current liability and PF Employer contribution is shown as Expense.
Journal entry:-
Booking of salary:-
salary dr
pf employee contribution cr
employee cr
Deposit into bank
pf employer contribution dr
pf employ contribution dr
cash/bank cr
Employer contribution transfer to p/l
p/l dr
pf employer contribution cr
| Is This Answer Correct ? | 19 Yes | 2 No |
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