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Calculate the cost of salaries

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Reference no: EM132710520

Question - MVB is a business trading bicycle parts. Mr Radi, the owner of MVB, has 9 employees who were paid RM48,000 per annum each in the year to 31 December 2018. On 1 January 2019, he raised salaries by 10% per annum each. He usually pays his employees on the first working day of every month, one month in arrears. On 1 December 2019, one of Mr Radi's employees, Siti, asks for two months' salaries in advance. Mr Radi issues cheque to her on the same day.

Required -

a) Calculate the cost of salaries which would be charged in the statement of profit or loss of MVB for the year ended 31 December 2019.

b) Show the amount that would be recognised in the statement of financial position of MVB as at 31 December 2019.

Reference no: EM132710520

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