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Labour Costing - Coggle Diagram
Labour Costing
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Pay sheet
Sources
Basic salary/ Total salary
- Letter of appointment
- Salary increment sheet/circular
- Time card
- Piece work ticket
Overtime
- Overtime payment sheet,
- Overtime payment ticket.
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EPF/ETF contributions
- Management decisions
- Minutes of meetings
- Statuary rules
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Employee insurance installment
- Letter given by the employee with his signature
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Net salary not paid in cash
Salaries and wages control account DR
Salaries and wages payable account. CR
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At the end of the period balance in salaries wages account. Employee Provident Fund expenseaccount.Employeetrustfundexpense account aretransferedtotheprofit and loss (Income statement) account.