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Payroll Journal Entries

Payroll accounting is recording of salary expenses into the general ledger. The expenses include gross salaries and liability accounts. The liabilities include income tax payable and payroll taxes payable accounts etc.

 

 

Salary Provision Entry

 

Salaries A/c Dr – 4,00,000

 

To ESI Employee Contribution A/c – 2,000

 

To PF Employee Contribution A/c – 16,000

 

To Professional Tax Payable A/c – 1,200

 

To TDS on Salaries A/c – 6,300

 

To Salaries Payable A/c – 3,74,500

 

 

Salary Payment Entry

 

Salaries Payable A/c Dr – 3,74,500

 

To HDFC Bank A/c – 3,74,500

 

 

ESI Payment Entry

 

ESI Employee Contribution A/c Dr – 2,000

 

ESI Employer Contribution A/c Dr – 4,500

 

To HDFC Bank A/c – 6,500

 

 

PF Payment Entry

 

PF Employee Contribution A/c Dr – 16,000

 

PF Employer Contribution A/c Dr – 18,000

 

To HDFC Bank A/c – 34,000

 

 

Professional Tax Payment Entry

 

Professional Tax Payable A/c Dr – 1,200

 

To HDFC Bank A/c – 1,200

 

 

TDS on Salary Payment Entry

 

TDS on Salaries A/c Dr – 6,300

 

To HDFC Bank A/c – 6,300

 

 

Salary Advance Adjustment Entry

 

Salary advance given to Balu of Rs.12,000. The same will be deducted from his salary.

 

 

Salary Advance Entry

 

Salary Advance to Employees A/c Dr – 12,000 (Loan & Advances – Current Assets)

 

To HDFC Bank A/c – 12,000

 

 

When Salary is Processing

 

Salary A/c Dr – 50,000

 

To Salary Advance to Employees A/c – 12,000

 

To PF Employee Contribution A/c – 1,800

 

To Professional Tax Payable A/c – 200

 

To TDS on Salaries A/c – 3,000

 

To HDFC Bank A/c – 33,000

 

 

 

 

Related Topics

 

Accounts Payable Process

 

Accounts Receivable Process

 

Accounting Basics

 

 

Related Pages

  • Fixed Asset Entries
  • Accrued Expenses
  • Prepaid Income
  • Accounting Basics
  • Debits and Credits
  • Chart of Accounts
  • Bookkeeping
  • Petty Cash
  • Bank Reconciliation
  • Accounts Payable Process
  • Accounts Receivable Process
  • Prepaid Expenses
  • Discount Allowed and Discount Received
  • Journal Entries
  • Adjusting Entries
  • Depreciation
  • Current Liabilities and Current Assets
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