Interested to Buy Any Domain ? << Click Here >> for more details...
is provident fund is liability or indirect expenses for
employer???
- 5 Answers
- 38151 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
WHAT ARE THE DIFFICULT ELEMENT OFF JOB
how to pass journal entries for recivables & payables if they are paid next asses year
recently watched film narret the story.
1 Answers FactSet Systems, HCL, JPMorgan Chase,
What is an interlocking accounting system?
which is best CA or MBA?
private placement
Entry of advance tax
20. Between educational qualification and practical work experience, give us a brief explanation on your practical experience in your past Endeavour that you performed well to the satisfaction of your past or present employer?
1 Answers Dodsal, Swil, Tesla,
what is accounting rules
2 Answers Construction, Genpact,
What Is ROC? Explian briefly?
sold merchandise at rs 11,000 price and received in cash 9,000 what will be the journal entry
Here is a question i was asked below is the scenario need to enter journal entrries for both accounting system Cash and Accrual :- 1) Landlord A/c 2) Tenant A/c 3) Bills Receivable A/c 4) Cash A/c 5) Bank A/c Situation:- 1) Bill is created. 2) Bill is sen to the tenant, journal entry =? 3) Cash is received from the tenant, journal entry=? 4) Receipt is created. 5) Receipt is sent to the tenat, journal entry=? Its urgent, please help.
Audit 
