what are the double entry for epf cotribution?

i paid epf to kwsp by bank and i had write a payment voucher show payment .
What is the double entry of this trxn? what ac should i enter? Is journal is necessary?

Asked on August 24, 2018 2018-08-24 01:22:58 Business (商家)
Add Comment
1 Answer(s)

 

In normal accounting double entry for EPF transaction is as below :

First do journal entry as follows :
DR. EPF – Employee Share
DR. EPF – Employer Share
CR. Accrued Charges – EPF

Then when you make payment to EPF Board, the double entry is as follows :
DR. Accrued Charges – EPF
CR. Bank

Answered on August 25, 2018. 2018-08-25 01:16:06
Add Comment

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.