The following accounts and balances appeared in the ledger of Broadway Pharmaceuticals Ltd on 30 April 2024:
Question:
The following accounts and balances appeared in the ledger of Broadway Pharmaceuticals Ltd on 30 April 2024:
Required
(a) Prepare entries in general journal form for Broadway Pharmaceuticals Ltd to record the above transactions.
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Annual leave payable Sick leave payable Provision for long-service leave Taxation office Superannuation fund Medical insurance payable The following transactions occurred during May and June: $ 123 400 Cr 116 640 Cr 189 625 Cr 132 210 Cr 18 600 Cr 11 480 Cr May 3 Forwarded payment to the Taxation Office for employees' tax instalment deductions. Also made payment to other organisations to cover liabilities for deductions made on behalf of employees. 31 Prepared a general journal entry to record payroll for the period: Gross wages $ 178 200 99 550 43 970 11 560 Income tax instalments Superannuation contributions Medical insurance Paid the net amount of the monthly payroll. Accrued long-service leave expense for May, $10 000. Accrued annual leave expense for May, $27 680. Accrued sick leave expense for May, $9 690. June 3 Forwarded payment to Taxation Office for amount due. Paid other deduction liabilities from May payroll. 27 Prepared journal entry to record payroll for June: Gross wages Income tax instalments Superannuation Medical insurance 28 Paid fringe benefits tax instalment of $2 980. 30 $1 80 400 91 000 45 510 11 450 Paid June wages to employees. Accrued long-service, annual and sick leave for month (see 31 May entry above).
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Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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