lavender Ltd pays its employees on a fortnightly basis
There are some general journals for a company. the accounts that should be used are already given. also dates and descriptions have already given. each entry has only one debit and one credit side.
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Lavender Ltd pays its employees on a fortnightly basis. All employee beneFts are recognised as expenses. The following informa±on is provided for its July and August payrolls: July August $ $ $ $ Fortnightly payroll 476,000 574,000 590,000 492,000 Gross payroll for the month 1,066,000 1,066,000 Deductions payable to: Taxation authority 205,00 0 201,00 0 Health fund 16,000 16,000 Community charity 3,300 3,300 Union fees 5,300 229,600 5,300 225,600 Total deductions for the month Net wages and salaries paid 14 July, 11 August 376,19 5 453,65 0 28 July, 25 August 460,20 5 836,400 386,75 0 840,400 1,066,000 1,066,000 The two fortnightly payrolls in August were for the fortnight ended ²riday, 7 August and ²riday, 21 August. The payrolls were processed and paid on the following Monday and Tuesday respec±vely. Payroll deduc±ons are remi³ed as follows: Health fund deductions 3rd day of the following month Union fees 3rd day of the following month Taxation authority 15th day of the following month Community charity 21st day of the following month Prepare all journal entries to account for the August payroll and all payments rela±ng to employee beneFts during August. NOTICE: the only accounts you should use for the general journals are: BANK, PAYROLL TAXES EXPENSES, WAGES AND SALARIES EXPENSE, WAGES AND SALARIES PAYABLE, DIRECT LABOUR EXPENSE 3 August (Payment of July health insurance payroll deductions)
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Posted 12 Dec 2017 07:12 AM
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