The year-end Trial Balance includes, as shown on the right, the net salary paid and the payments
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The year-end Trial Balance includes, as shown on the right, the net salary paid and the payments to HMRC. PAYE deductions are 10% of gross pay and National Insurance contribution is at 6% from employees and 9% from employer. Determine the amounts of expense to be stated in the Statement of income and the liability to be reported, if unpaid, on the Statement of financial position.
Note: The net salary paid (after deducting 10% PAYE and 6% NIC) is 84% of gross salary.
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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