Calculate the total profit or loss expenses

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Question - Rice Ltd agrees to contribute 5%of employees' total remuneration into a post-employment plan each period in the year ended 31 December 2022 the company paid total salaries of $10.5 million. A bonus of $3Million based on the income for the period was paid to the employees in march 2021.  The company had paid $510,000 into the plan by 31 December 2020.

Required - Calculate the total profit or loss Expenses for post employment benefits for the year and the accrual which will appear in the statement of financial position at 31 December 2020.

Reference no: EM133103561

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