Assignment 1
Payroll Statements
Ques 1. M/s Alpha Ltd pays to its employees the salary based on Basic pay. The Gross salary of an employee consists of Dearness Pay (D.P) and House Rent Allowance (H.R.A). The components of salary are computed according to the following terms of contract of service:
· Dearness Allowance is paid @ 10% of basic pay subject to a maximum of $5,400.
· HRA is computed as per the following scale:
Group HRA($)
A 5,000
B 7,000
C 9,000
However, it is subject to a maximum of 40% of the basic pay.
You are given employee identification (EmpId), Name of employees, Group and the basic pay for the month of April 2005.
Payroll for the Month of March 2022
|
EmpId |
Name of Employees |
Basic |
DA |
HRA |
Gross |
|
Total |
Required: Prepare payroll of 10 employees M/s Alpha Ltd for the month of March 2022 , in the format given above according to above terms of contract. Fill information about Employee Identification (EmpId), Name of Employees and their Basic Pay on your own.
Ques 2. A company XYZ Ltd. pays a monthly salary to its employees which consists of basic salary, allowance & deductions. The details of allowances and deductions are as follows:
Allowance
· HRA Dependent on Basic
30% of Basic if Basic <=1000
25% of Basic if Basic>1000 & Basic<=3000
20% of Basic if Basic >3000
· DA Fixed for all employees, 30% of Basic
· Conveyance Allowance $ 50/-if Basic is <= 1000
$ 75/- if Basic >1000 & Basic<=2000
$ 100 if Basic >2000
· Entertainment Allowance NIL if Basic is <= 1000
$100/-if Basic > 1000
· Deductions
Provident Fund6% of Basic
Group Insurance Premium$ 40/- if Basic <= 1500
$ 60/- if Basic > 1500 & Basic<=3000
$80/- if Basic >3000
Calculate the following:
Gross Salary = Basic + HRA + DA + Conveyance + Entertainment
Total deduction = Provident Fund + Group Insurance Premium
Net Salary = Gross Salary – Total Deduction
Ques 3. Prepare a generalized worksheet of Prasad & Sons Steel Pvt. Ltd. to produce a Payroll Statement for the month of Feb. 2007 for five employees in the given format:
|
S.No. |
Name |
Basic |
HRA |
TA |
DA |
Net |
|
. |
|
|
|
|
|
|
|
. |
|
|
|
|
|
|
The following relevant information is given:
Employee is entitled for Basic pay, HRA, DA, TA. Net salary is total of these three.
HRA, DA, TA will be calculated on the following criteria:
|
Basic |
DA |
TA |
HRA |
|
< 16,000 |
15% of basic |
30% of basic |
45% of basic |
|
≥ 16,000 & ≤20,000 |
30% of basic |
45% of basic |
60% of basic |
|
>20,000 |
45% of basic |
60% of basic |
75% of basic |
Ques 3. M/s GOVIND Ltd pays to its employees the salary on the basis of Basic pay. The Gross salary of an employee consists of Dearness Pay (D.P) and House Rent Allowance (H.R.A). The components of salary are computed according to the following terms of contract of service:
· Dearness Allowance is paid @ 25% of basic pay subject to a minimum of $10,500.
· TA is paid $4000 if the distance the employee covers is up to 10 KMs for others it is $5500. (assume distance on your own)
· HRA is computed as per the following:
Salary up to $20,000$7,000
Salary up to $40,000$8,000
Salary More than $40,000 $10,000
However in no case it can be more than 30% of basic pay
· PF deduction is 15% of (Basic+DA) rounded to nearest 100.
· IT is 12% Flat on (Gross- PF-20%of TA)
You are given Employee Identification (EmpId, Name of Employees and their
Basic Pay in the range of 15000-50000(use any value in multiple of $1000).
Prepare Payroll statement as per following schedule.
Payroll for the Month of Apr 2022
|
EmpId |
Name of Employees |
Basic |
DA |
HRA |
TA |
Gross |
PF |
IT |
Net salary |
|
Total |
Ques 4. Prepare a detailed generalized Payroll Report for A Ltd company employing 10 workers for the month of March 2022, given the following information in the following format:
|
Emp Id |
Name |
Basic |
DA |
HRA |
Bonus |
Gross |
PF |
Income Tax |
Net Salary |
|
TOTAL |
1. Emplyees are entitled to Basic, DA, HRA and Bonus.
2. DA:
|
BASIC |
DA |
|
UPTO 20,000 |
MINIMUM OF 10% OR 1,750 |
|
BETWEEN 20,000 AND 40,000 |
MINIMUM OF 15% OR 4,750 |
|
ABOVE 40,000 |
MINIMUM OF 20% OR 10,000 |
3. HRA is Rs 16,500 for Basic<20,000 and Rs 28,000 for others.
4. Bonus is payable @ 12.5% of (Basic + DA).
5. PF is deductible @ 10% of (Basic).
6. Income Tax is deductible @ 10% of Gross Salary.
Prepare a stacked bar chart to depict various elements of gross salary as computed.
Ques5. M/s Alpha Ltd pays to its employees the salary on the basis of Category. The Gross salary of an employee consists of Basic Salary + Dearness Pay + Dearness Allowance + House Rent Allowance + Travel Allowance + City Compensatory Allowance. The GPF and IT are the two Deductions. The components of salary are computed according to the following terms of contract of service:
Rules for payment of Basic Salary, TA, and CCA are as under:
|
Category |
Basic Salary |
TA |
CCA |
|
A |
25000 |
5000 |
1000 |
|
B |
20000 |
4000 |
800 |
|
C |
15000 |
3000 |
500 |
Rules for payment of DP, DA and HRA are as under:
|
DP |
50% of Basic |
|
DA |
41% of (Basic +DP) |
|
HRA |
30% of (Basic +DP) |
Rules for Deduction of GPF and IT are as under:
|
GPF |
10% of Gross |
|
IT |
8% of Gross |
You are required to prepare a payroll statement in the given format making maximum use of cell referencing facility:
|
0.5 |
0.41 |
0.3 |
0.08 |
0.1 |
||||||||||
|
Code |
Name |
Cat |
Is HRA is to be Paid |
Basic |
DP |
DA |
HRA |
TA |
CCA |
Gross |
IT |
GPF |
Total Ded |
Net |
|
1 |
Y |
|||||||||||||
|
2 |
N |
|||||||||||||
|
3 |
||||||||||||||
|
4 |
||||||||||||||
|
Total |
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