XYZ Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum.
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Question:
XYZ Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 15.5% is paid when the leave is taken. Details of each employees leave entitlement at 30 June 2020 are as follows:
Additional information:
There are 260 work days in a year.
On 1 July 2019 each year all employees receive a 5% wage rise. There are no other wage rises given during the year.
Required:
Calculate the provision for annual leave for each employee as at 30 June 2020.
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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