When you were interviewed on 7 May 2011 for the position of head of the accounts department
Question:
When you were interviewed on 7 May 2011 for the position of head of the accounts department you learnt that those who held the position before you were sent for induction to the parent company in the United States at a cost of £20,000. You assumed duties on 1 June 2011 and your employment contract stipulates your salary at £84,000 per annum with a year-end bonus, on satisfactory completion of each year’s service, calculated at 25% of your earnings in that year.
Required:
Explain how much should be accounted for as a liability in the year ended 30 June 2011 and set out, in the form of a journal entry, how the liability should be accounted for.
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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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