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ACCOUNTING
Volume III
ACCOUNTING FOR
EMPLOYMENT
WRITTEN BY:
Segment I
Personal Information of an employee
- Serial Number:
The serial number
which
has
not
been
paid
Segment IV
Details of deductions
- Tax: tax is deducted as per law.
- Transport: share in transport may be
deducted.
- Advance: the advance taken from salary
is deducted.
- EOBI: the deduction of funds for a
pension at the age which is paid to EBOI.
Segment VI
Signature of Employee: Requires State
fee or revenue stamp at value.
<THE SYSTEM OF ACCOUNTING < VOLUME 1< SYED AQEEL
RAZA<aqeelraza@live.com>
Segment I
S.N
O.
Employ
ee
NAME OF
EMPLOYEE
DESIGNAT
ION
STATI
ON
KARAC
HI
KARAC
HI
Employee 1
Manage
Admin
Employee 2
Admin Asst.
Date
of
Birth
ENTRY
1970
1.1.2012
1965
10.3.201
3
DATE
OF
Employee 3
Peon
Employee 4
Accountant
Employee 5
Assistant
Employee 6
Supervisor
Employee 7
Operator
Employee 8
Worker
Employee 9
Supervisor
10
10
Employee 10
Worker
11
11
Employee 11
Worker
12
12
Employee 12
Worker
13
13
Employee 13
Worker
14
14
Employee 14
Worker
15
15
Employee 15
S.O.
16
16
Employee 16
S.P.O.
17
17
Employee 17
S.P.O.
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
KARAC
HI
LAHOR
E
MULTA
N
1970
1975
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
1.1.19
85
TOTAL
<THE SYSTEM OF ACCOUNTING < VOLUME 1< SYED AQEEL
RAZA<aqeelraza@live.com>
Segment II
BASI
C
HOUSE
RENT
CONVEYA
NCE
MEDIC
AL
ADOC
RELIEF
COL
A
9,99
3,999
2,000
2,000
1,000
1,00
15.4.201
3
18.3.201
4
19.5.201
4
21.6.201
5
05.6.201
5
01.01.20
16
5.1.2011
3.1.2010
10.3.201
2
5.3.2014
5.3.2014
1.3.2015
1.3.2015
1.1.2016
1.1.2016
9
5,00
0
5,00
0
5,00
0
5,00
0
5,00
0
5,00
0
5,00
0
5,00
0
3,00
0
3,00
0
3,00
0
3,00
0
3,00
0
3,00
0
3,00
0
3,00
0
73,9
99
0
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
2,000
1,000
1,000
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
500
1,000
500
500
500
27,999
14,000
14,000
9,000
500
9,00
0
Segment III
GROS
S
SALA
RY
19,99
8
10,00
0
10,00
0
10,00
0
10,00
0
10,00
0
10,00
0
10,00
0
10,00
0
WORKI
NG
DAYS
30
30
30
30
30
30
30
30
30
WORKI
NG
SALAR
Y
30
19,998
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
Other
Allo
ws.
Arrea
rs
if
any
500
200
Expen
se
Clai
m
TOTAL
GROS
S
200
20,49
8
10,20
0
10,20
0
10,20
0
10,20
0
10,20
0
10,20
0
10,20
0
10,20
0
200
200
200
200
200
200
6,000
30
6,000
200
6,200
6,000
25
5,000
200
5,200
6,000
26
5,200
200
5,400
6,000
27
5,400
200
5,600
6,000
28
5,600
200
5,800
6,000
29
5,800
200
6,000
28
6,000
147,9
98
27
5,600
5,400
143,998
200
6,000
500
200
3,700
500
2,00
0
2,00
0
4,00
0
8,300
7,600
152,1
98
DEDUCTIONS
Advan EOB
ce
I
LOAN
Openi Ded Closi
ng
.
ng
TOTAL
Tax
Transp
ort
400
200
100
100
100
100
500
130
830
100
100
1,000
130
1,330
100
100
130
330
1,700
530
Othe
rs
DEDUCTI
ONS
130
5,000
500
4,500
50
1,280
130
3,000
300
2,700
100
730
100
130
100
130
230
100
130
230
100
130
230
130
130
130
130
130
130
130
1,130
130
130
130
130
130
2,130
130
130
1,000
2,000
1,20
0
600
4,500
2,21
0
2,000
10,00
0
300
1,10
0
8,900
150
9,760
NET
SALAR
Y
NET
SALARY
ROUND
ED
19,218
19,220
9,470
9,470
9,370
9,370
8,870
8,870
9,870
9,870
9,670
9,670
9,970
9,970
9,970
9,970
9,970
9,970
6,070
6,070
5,070
5,070
5,270
5,270
4,470
4,470
5,670
5,670
5,870
5,870
6,170
6,170
7,470
7,470
142,43
8
142,440
<THE SYSTEM OF ACCOUNTING < VOLUME 1< SYED AQEEL
RAZA<aqeelraza@live.com>
Segment VI
SIGNATURE
VIEW OF PAYROLL
RECONCILIATION OF SALARIES
The salaries which are paying must be reconciled from previous
gross salaries by deletion and addition of employees into current
salaries like;
SUMMARY OF SALARIES
ACCRUAL OF SALARIES
The salaries are accrued head wise before
payment.
March 30, 2016
Salaries Admin
40,898
Salaries Accounts
20,400
Salaries Production 69,000
Salaries Sales/Dist. 6,000
Salaries Sales/Pro 15,900
TAX
1,200
Transport
600
Advance
4,500
EOBI
2,210
Loan
1,100
Salaries Admin
150
Salaries Payable
142,438
Misc. expense
2
(To record salaries for March 2016)
<THE SYSTEM OF ACCOUNTING < VOLUME 1< SYED AQEEL
RAZA<aqeelraza@live.com>
PAYMENT OF SALARIES
After accrual of salaries, the payment is
made by cheque, by cash and by demand
draft as per the statement filtered;
April 05, 2016
1Salaries Payable
Bank
19,220
19,200
2-
Salaries Payable
Bank
9,470.
9,470
3-
Salaries payable
Cash
100,110.100,110
4-
Salaries payable
Bank
13,640
13,640
2- OVERTIME
xxxx
Later on, the payment may be made by cash or cheque which will contra to
Overtime payable account;
April 5, 2016
PAYMENT OF OVERTIME
Overtime payable
Cash/Bank
3-
xxxx
xxxx
GRATUITY
xxxx
xxxx
4-
PENSION (EOBI)
(debit)
xxxx
xxxx
xxxx
5-PROVIDENT FUND
A provident fund is a form of social safety wherein
employees/workers contribute a portion of their salaries and
employers contribute on behalf of their employees/workers and it
provides financial support on retirement age.
The matter of accounting on provident fund depends on the
system adopted for according to law and is a separate discussion.
6-BONUS
The bonus is the share of employees in the profit of an
employer. The minimum qualifying employment period is 90
days or above whether permanent or temporary employee.
Many companies give bonus or bonuses on religious events but
according to the law, bonus is paid on the profit and its
distribution would be;
-
xxxx
xxxx
7-LEAVE ENCASHMENT
A fourteen days paid annual leave on full
wages/salary is allowed under Factories Act and Shop
&
Establishments
Ordinance
to
permanent
workers/employee.
The leave encashment being part of the salary is
charged to the expense account.
Leave Encashment A/c (Dr.)
Cash/Bank (Cr.)
xxxx
xxxx
WRITTEN BY: