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.

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

Answer / kapilsingh

liability

Answer / kapilsingh

liability

Answer / n rajarajeshwari

liability to employer

journal

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