From the following details, ascertain the amount of cash required for the payment of salaries in a firm for the month of January:
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(1) Normal time salaries: Rs 65,000 |
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(2) DA: 20% of (1) |
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(3) Leave wages: 5% of (1) and (2) |
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(4) Employee’s contribution to ESI and PF: 3% and 5% respectively on (1) and (2) |
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(5) Income tax deduction at source: Rs 4,000 |
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(6) Deduction for insurance premium: Rs 5,000 |
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(7) Festival advance must be recovered from 60 employees at Rs 100 per employee. |