XYZ Ltd commenced its operations 11 years ago and has three employees. After 10 years of...
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XYZ Ltd commenced its operations 11 years ago and has three employees. After 10 years of services, employees get 13 weeks of long service leave. The total LSL (Long Service Leave) reported for the previous year was $19,600. The following details assist with the calculation of LSL. Employee Projected Salary Years of Probability when LSL Vests that employees remains for the vesting period 22% 73% 100% service date Susan William Mathew $48500 $57000 $85000 10 36 Discount rates Period to Government maturity Bond rate 4% 8% 10 9% Required: Prepare journal entries for the current year for LSL according to AASB 119. [Answer and show workings here] XYZ Ltd commenced its operations 11 years ago and has three employees. After 10 years of services, employees get 13 weeks of long service leave. The total LSL (Long Service Leave) reported for the previous year was $19,600. The following details assist with the calculation of LSL. Employee Projected Salary Years of Probability when LSL Vests that employees remains for the vesting period 22% 73% 100% service date Susan William Mathew $48500 $57000 $85000 10 36 Discount rates Period to Government maturity Bond rate 4% 8% 10 9% Required: Prepare journal entries for the current year for LSL according to AASB 119. [Answer and show workings here]
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Year of service 3 years 31513524850002210412 33322 6151352570000731089 208153 101... View the full answer
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Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
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