Premier Furniture Ltd. runs a furniture store in city C. The store has three Sales Executives, SE1, SE2 and SE3.
The payroll summary representing the cumulative position for the three executives at the end of the year 2022-23 is as follows:
1. The House Rent Allowance (HRA) is payable @ 25% of the Basic Pay. 2. The Company has a policy of awarding incentives. SE2 was awarded an incentive as from 1st October, 2022, equal to 10% of his monthly Basic Pay. The incentive is clubbed with Other Allowances. 3. An employee can increase his portion of PF contribution from 10% to 15% of the Basic Pay. The contribution of the employer remains the same at 10% of the Basic Pay. SE1 accordingly increased his PF contribution from 1st April, 2022, itself, to 15% of his Basic Pay.
Based on the above transactions and the information given in the spreadsheet, answer any three of the following questions:
(i) Write the formula to calculate PF contribution of SE1 in Cell G2. (ii) Give the formula to calculate Gross Salary of SE1 in Cell J2. (iii) Write the formula to calculate Other Allowances (excluding the incentives) earned by SE2 in Cell E3. (iv) Write the formula to calculate Net Salary of SE2 in Cell K3.
