Teacher Training Student Essay

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Journal Entries of Payroll
>> AUGUST 29, 2012

Payroll means total salary of an employee. When we pay the net salary to any employee, we make the his or her payroll. Payroll record is necessary because it is the main expense of company. There are many liabilities like TDS, EPF and ESI which are related to payroll. So, it is made with full of care because we have to adjust total deductions from the salary in this. We also record all these items with following journal entries.

1. Pass the journal entry when salary is due.

Basic Salary Debit

Allowances Debit

Company Contribution to EPF Debit

Company Contribution to EPS Debit

Administration Charges to EPF Debit

Company contribution to ESIC Debit

EPF Payable Credit

EPS Payable Credit

ESIC Payable Credit

Professional Tax Payable Credit

TDS Payable Credit

Labour welfare fund Payable Credit

Loan to Employee Credit

Salary Advance to Employee Credit

Rent Recovery Credit

Canteen Expense Credit

Salary Payable Credit

2. Pass the journal entry of the payment of salary.

Salary Payable Debit Cash/ Bank Credit

Now understand the above journal entry

Basic salary and allowance are the salary expense which go to salary payable and which is paid to employee at the time of payment of salary. EPF, EPS and ESI contribution will be transferred to their payable fund accounts. Because all these contribution is also expense, so we have debited the contribution in these funds. Before transferring to salary payable account, we deduct the TDS and transfer to TDS payable account. So, TDS payable account will be credited.

You should understand the meaning of above payroll items.

1. EPF = Employees provident fund.

2. EPS = Employees pension scheme

4. ESIC = Employees State Insurance Corporation

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