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How can we post Salary, PF etc., can anybody tell me the
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Answer Posted / taimoor
Salary Expense(Gross) 10,0000 Charge to P&L
Salary Payable 8,000 accrued Liability
Employee Cont- Payable 2,000 accrued Liability
(salary expense includes the Contribution made by the
employee like this)because employer cost is 10,000 rupees
which should be charged to P&l and i.e 10,000
Basic Salary + Allowances in cash= Gross Salary - Deduction
5,000 + 5,000 = 10,000 - 2,000
When payment is made to employee and fund
Salary Payable 8,000
PF-Employee Cont - Payable 2,000
Bank 10,000
| Is This Answer Correct ? | 2 Yes | 1 No |
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