Workers name-Madhu Saha.Pay
structure,basic-5850,HRA-1350,CCA-900,TRAV.ALLOW.900.DEDUCTION-PF-702.ESI-150,P.TAX-90.WHAT
IS THE EXTRACT IN PF,ESI,IN BALANCE SHEET & sALARY IN p/l
A/C . iS IT POSSIBLE THAT PERSONS'S NAME SHOUL COME I P/L
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Answer Posted / Varsha Dubey
In accounting, the following extracts would be relevant for the given pay structure:
- Provident Fund (PF): Deduction of 702 from the employee's salary goes towards Employee's Contribution to PF. The employer's contribution will also appear in the PF account.
- Employees' State Insurance (ESI): Deduction of 150 from the employee's salary goes towards ESI. Both the employee and employer contributions appear in the ESI records.
- In the Balance Sheet, the liabilities section would list the company's payable PF and ESI amounts.
- Salary appears in the Profit and Loss Account (P&L A/C) under wages and salaries expense as a debit.
- The employee's name should NOT be included in any of these accounts, as they are not accounting entries but rather personnel or payroll information.
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