Reference no: EM132964070
Question - On 1 April 2019, Good Employer Limited (GE) had the following balances relating to its defined benefit plan:
Projected benefit obligation $7,200,000
Fair value of plan assets 7,000,000
Other data related to the benefit plan for the year ended 31 March 2020 are shown below:
Service cost $300,000
Contributions to the plan $380,000
Benefits paid $400,000
Discount rate 8%
Expected return on plan assets 8%
Actual return on plan assets 6%
Required - In accordance with HKAS 19 Employee Benefits,
1. Determine the defined benefit obligation of GE as at 31 March 2020.
2. Determine the fair value of plan assets of GE as at 31 March 2020.
3. Prepare GE's journal entries to record the employee benefit and the contributions for the year ended 31 March 2020.
4. Provide the disclosure note relating to the benefit plan as at 31 March 2020.
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