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ABC Ltd. Payroll October 2023

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Jahidul Islam
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15 views1 page

ABC Ltd. Payroll October 2023

Uploaded by

Jahidul Islam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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UK Tax Year 6th April 2024 to 5th April 2025

Tax Month 1 6th April 2024 to 5th May 2024


Tax Month 2 6th May 2024 to 5th June 2024
Tax Month 12 6th March 2025 to 5th April 2025

Month 7 Ending 31 October, 2023 ABC Ltd

Account Name Debit Credit Account Type Remarks/Nature Payee


Payroll Expense - Salaries & Wages 6,676.27 Payroll Expense Gross Salary Paid By Employer/Company
Payroll Expense - Employer's NI Contribution 503.74 Payroll Expense Employer's NIC Cost Paid By Employer/Company
Payroll Expense - Employer's Pension Cost 123.80 Payroll Expense Employer's Pension Cost Paid By Employer/Company
Payroll Liability - PAYE Tax Payable 613.80 Payroll Liability Employee PAYE Tax Paid By Employee/Collected By HMRC
Employee PAYE Tax & NIC (EE & ER)
Payroll Liability - NIC Payable 872.17 Payroll Liability NIC (EE & ER) Collected By HMRC
Payroll Liability - Student Loan Payable - Payroll Liability Employee Loan Installment Student Loan Company (Collected By HMRC)
Payroll Liability - Pension Payable 288.86 Payroll Liability Pension Fund (EE & ER) Pension Management Company Like NEST/SMART
Payroll Liability - Net Salaries Wages Payable 5,528.98 Payroll Liability Take Home Salary Employee
7,303.81 7,303.81

Journal For Employment Allowance (Employer NIC Rebate) IF ANY

Account Name Debit Credit Description


Payroll Liability - NIC Payable 503.74 Employment Allowance
Payroll Expense - Employer's NI Contribution 503.74 Employment Allowance

Recoding of Salary Payment 30th Day of the Month

Account Name Debit Credit Description


Payroll Liability - Net Salaries Wages Payable 5,528.98 Individual Employee
Bank Account 5,528.98 Bank Balance Reduces

Recoding From Banking Panel (Split Transaction)

Account Name Debit Credit Description


Payroll Liability - PAYE Tax Payable 613.80 HMRC
Payroll Liability - NIC Payable 368.43 HMRC
Payroll Liability - Student Loan Payable - HMRC
Bank Account 982.23 Bank Balance Reduces

Account Name Debit Credit Description


Payroll Liability - Pension Payable 288.86 NEST/SMART
Bank Account 288.86 Bank Balance Reduces

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