Subject: Accountancy
Salary is distributed to the employees of government offices against the service rendered by them. The government determines the amount of salary of each level of employee. The salary is distributed after making a deduction of provident fund, income tax, provident fund loan and citizen investment trust.
The District Police Office, Chitwan, distributed the total salary for the month of Marga, amounting to Rs. 4,00,000 on 12th Poush after deduction of provident fund of Rs. 90,000, income tax of Rs. 20,000, provident fund loan of Rs. 15,000 and citizen investment fund of Rs. 15,000. The deductions were deposited in the concerned offices on the same day.
Required: Journal Voucher
Government of Nepal District Police Office Journal Voucher | AGF No. 10 JV No. Date: 09-12 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. B.E. Salary | 21111 | 4,00,000 | |||
Cr. Provident fund | 90,000 | ||||
Cr. Income tax | 20,000 | ||||
Cr. Provident fund loan | 15,000 | ||||
Cr. Citizen investment fund | 15,000 | ||||
Cr. Nepal Rastra Bank | 15,000 | ||||
(Being salary distributed after deducting provident fund, income tax, provident fund loan and citizen investment fund) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 09-12 | Cheque No: Cheque amount: Two lakh sixty thousand only. Approved by: Mr. XYZ Post: Office head Date: 09-12 |
Government of Nepal District Police Office Journal Voucher | AGF No. 10 JV No. Date: 09-12 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. Provident fund | 90,000 | ||||
Cr. Nepal Rastra Bank | 90,000 | ||||
(Being provident fund deposited in the concerned office |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 09-12 | Cheque No: Cheque amount: Ninety thousand only. Approved by: Mr. XYZ Post: Office head Date: 09-12 |
Government of Nepal District Police Office Journal Voucher | AGF No. 10 JV No. Date: 09-12 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. Income tax | 20,000 | ||||
Cr. Nepal Rastra Bank | 20,000 | ||||
(Being income tax deposited in the concerned office.) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 09-12 | Cheque No: Cheque amount: Twenty thousand only. Approved by: Mr. XYZ Post: Office head Date: 09-12 |
Government of Nepal District Police Office Journal Voucher | AGF No. 10 JV No. Date: 09-12 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. Provident fund loan | 15,000 | ||||
Cr. Nepal Rastra Bank | 15,000 | ||||
(Being provident fund loan deposited in the concerned office |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 09-12 | Cheque No: Cheque amount: Fifteen thousand only. Approved by: Mr. XYZ Post: Office head Date: 09-12 |
Government of Nepal District Police Office Journal Voucher | AGF No. 10 JV No. Date: 09-12 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. Citizen investment fund | 15,000 | ||||
Cr. Nepal Rastra Bank | 15,000 | ||||
(Being citizen investment fund deposited in the concerned office | |||||
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 09-12 | Cheque No: Cheque amount: Fifteen thousand only. Approved by: Mr. XYZ Post: Office head Date: 09-12 |
What is Employees’ Provident Fund?
Employees’ Provident Fund is the amount collected by deducting from the salary of a permanent employee of government offices, company and corporations.
What is Citizen Investment Fund?
Citizen Investment Fund is a voluntary deduction which can be made at a certain rate. The amount collected by way of voluntary deduction is invested in productive sectors.
Explain in short about Employees’ Provident Fund.
Employees’ Provident Fund is the amount collected by deducting from the salary of a permanent employee of government offices, company and corporations. The government deducts 10% amount from their salary, contributes equal amount from their salary, and contributes an equal amount which creates the bigger funds. Such fund is collected and mobilized by an office which is called employee provident fund office. This office invests the collected fund in various productive sectors and provides a loan to the concerned employees at a reasonable rate of interest.
Write in short about Income Tax.
Each employee of government offices should contribute some amount as income tax from their taxable income. The Income Tax Act has given certain exemption limit of income for tax purpose. An employee has to pay income tax on the income over the exemption limit.
The following journal voucher is passed while deducting income tax from the amount of salary:
Dr. BE Salary
Cr. Income tax
Cr. Nepal Rastra Bank
(Being salary distributed after deducting income tax)
The following journal voucher is passed while deducting the amount of income tax:
Dr. Income tax
Cr. Nepal Rastra Bank
(Being the amount of income tax deposited in the account of concerned office)
Write in short about Provident Fund Loan.
The employees of government offices deposit their provident fund in the account of provident fund office. They are given a facility to take a loan out of their provident fund deposit. Such a loan can be repaid on an installment basis by making a deduction from their monthly salary.
The following journal voucher is passed while deducting provident fund loan from the amount of salary:
Dr. BE Salary
Cr. Provident Fund Loan
Cr. Nepal Rastra Bank
(Being salary distributed after deducting provident fund loan)
The following journal voucher is passed while deducting the amount of provident fund loan:
Dr. Provident Fund Loan
Cr. Nepal Rastra Bank
(Being the amount of provident fund loan deposited in the account of concerned office)
Write in short about Citizen Investment Fund.
Citizen Investment Fund is a voluntary deduction which can be made at a certain rate. The amount collected by way of voluntary deduction is invested in productive sectors. While distributing salary, such deduction is deposited in the office of citizen investment fund.
The following journal voucher is passed while deducting citizen investment fund from the amount of salary:
Dr. BE Salary
Cr. Citizen Investment Fund
Cr. Nepal Rastra Bank
(Being salary distributed after deducting citizen investment fund)
The following journal voucher is passed while deducting the amount of citizen investment fund:
Dr. Citizen Investment Fund
Cr. Nepal Rastra Bank
(Being the amount of citizen investment fund deposited in the account of concerned office)
On 2066/04/30 out of total salary to staff Rs. 1,50,000 for the month of Srawan Rs. 25,000 were deducted as provident fund and the balance was distributed by issuing a cheque no.015. (SLC 2066)
Government of Nepal District Education Office, Kathmandu Journal Voucher | AGF No. 10 JV No. Date: 04/30 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. BE Salary | 21111 | 1,50,000 | |||
Cr. Provident fund | 25,000 | ||||
Cr. Nepal Rastra Bank | 1,25,000 | ||||
(Being salary distributed after deducting provident fund.) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 04/30 | Cheque No: Cheque amount: One lakh twenty five thousand only. Approved by: Mr. XYZ Post: Office head Date: 04/30 |
On 2067/04/30 out of total salary to staffs Rs. 2,50,000 for the month of Srawan Rs. 25,000 were deducted as provident fund and the balance was distributed by issuing a cheque no.01237. (SLC 2068)
Government of Nepal District Education Office, Dolpa Journal Voucher | AGF No. 10 JV No. Date: 04/30 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. BE Salary | 21111 | 2,50,000 | |||
Cr Provident fund | 25,000 | ||||
Cr. Nepal Rastra Bank | 2,25,000 | ||||
(Being salary distributed after deducting provident fund.) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 04/30 | Cheque No: 01237 Cheque amount: Two lakhs twenty five thousand only. Approved by: Mr. XYZ Post: Office head Date: 04/30 |
On 2067/05/25 total salary including provident fund) for the month of Bhadra Rs. 1,98,000/- was distributed deducting Rs. 36,000/- as provident fund and Rs. 4,000/- for income tax through cheque no. 006790. (SLC 2067)
Government of Nepal District Administration Office, Kathmandu Journal Voucher | AGF No. 10 JV No. Date: 05/25 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. BE Salary | 21111 | 1,98,000 | |||
Cr. Provident fund | 36,000 | ||||
Cr. Income tax | 4,000 | ||||
Cr. Nepal Rastra Bank | 1,58,000 | ||||
(Being salary paid distributed after deducting provident fund and income tax.) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: | Cheque No: 006790 Cheque amount: One lakh fifty eight thousand only. Approved by: Mr. XYZ Post: Office head Date: |
On 2069/04/25 the cheque no. 107 of Rs. 1,30,000 issued after deducting Rs. 15,000 provident fund, Rs. 2,000 citizen investment fund and Rs. 3,000 income tax to distribute salary for the month of Srawan. (SLC 2069)
Government of Nepal District Education Office, Rukum Journal Voucher | AGF No. 10 JV No. Date: 04/25 |
Code No. | Particulars | LF | BH No. | Debit Rs. | Credit Rs. |
Dr. BE Salary | 21111 | 1,50,000 | |||
Cr. Provident fund | 15,000 | ||||
Cr. Citizen investment fund | 2,000 | ||||
Cr. Income tax | 3,000 | ||||
Cr. Nepal Rastra Bank | 1,30,000 | ||||
(Being salary distributed after deducting provident fund, citizen investment fund and income tax.) |
Receipt No: Amount received: Submitted by: Mr. ABC Post: Accountant Date: 04/25 | Cheque No: 107 Cheque amount: One lakh thirty thousand only. Approved by: Mr. XYZ Post: Office head Date: 04/25 |
© 2019-20 Kullabs. All Rights Reserved.