is provident fund is liability or indirect expenses for
employer???
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 is cost unit n what is cost sheet?
what is Debtors & Creditors management
What is account payee cheque? Expand ctc cheque?
SHADOW BALANCE SHEET
IFRS and its applicability in India
what is the diff btw charge and appropriation
7 Answers Capital IQ, FactSet Systems, HP,
what is prudence
Where it will effect in the Balance sheet, Rs. 5000/- of Bad Dept ??
what is the meaning of Bills Receivable?
pls tell me tds new rate 1/10/09
One Institute, after completion of course not issue any certificate to students, they issued certificate from other branded institute with cost (Kindly provide the term of this expenditure to appear in P&L a/c)
please send me banking question on my email ID as I have been selected for state bank of india .my email ID is sawant.supriya51@gmail.com