GOSI Employee Share

Code: 2157
👁 Views: 43

Account Information

Account Type Statement of Financial Position
Normal Balance Credit

Definition

GOSI contributions deducted from employee salary

Common Journal Entries

Deduct employee GOSI share from salary

Dr. Salaries Payable
Cr. GOSI Employee Share

Remit employee share to GOSI authority

Dr. GOSI Employee Share
Cr. Bank Account

Adjust employee share after salary review

Dr. Salaries Payable
Cr. GOSI Employee Share

Year-end settlement of employee share

Dr. GOSI Employee Share
Cr. Bank Account

Deduct employee GOSI share from salary

Dr. Salaries Payable
Cr. GOSI Employee Share

Remit employee share to GOSI authority

Dr. GOSI Employee Share
Cr. Bank Account

Adjust employee share after salary review

Dr. Salaries Payable
Cr. GOSI Employee Share

Year-end settlement of employee share

Dr. GOSI Employee Share
Cr. Bank Account