wages,conveyance,hra,spl allowance,P.F,& ESI payable
journal entry?

Answer Posted / kiran kumar. r 9700473904

generally wages includes all of the items i.e
basic,pf,esi,....etc..

so we dont need to pass seperate entry for all of them.
you can directly pass one entry.

Salary a/c....Dr(total salary exp to be booked)
To salary Payable a/c (amount payble to employee)
To ESI payable a/c
To PF payabele a/c ...etc..(with this credit entry you
are recognising all liabilities . and when you deposite the
same with respective dept you will debit the accounts.

ESI payable A/c
PF payable A/c
Salary payable A/c
To Bank A/c

Is This Answer Correct ?    9 Yes 1 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

What is the Corporate Tax, Minimum Alternate Tax, Professional Tax, Business Tax Describe Me

1824


What is an adjusting journal entry?

598


we have registered to MCCIA(Maratta Chember of Commerce Ind & Agri.).They given a Tax Invoice against this registration with charging service tax@10.3%.can we take credit of this service charge ?

1654


What are the 4 principles of gaap?

650


What is the limitaion of the Trial Balance?!

1683






Explain what is the disadvantage of double entry system?

604


Explain what is double-entry accounting? Explain with an example?

645


Sold goods to Gasha 600 by cash

842


Please provide me the entire format of P.F. & ESI

1690


Define "book value" as applied to accounting

584


Tell me why do you apply for a job of an account executive?

637


Can you differentiate public and private accounting?

690


2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.

1816


I have passed in SBI clerical exam 2009 , pls tell me what question will be asked for interview .pls mail it on my email id sawant.supriya51@gmail.com

1488


how many view the tally backup erp9 after the tally backup in tally

1431