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ABC Ltd employ its staff on a five-day work week, with employees being paid on Fridays. The weekly salaries expense is $100,000 and employees are paid in arrears. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. ABC Ltd retains $30 000 per week to pay the Australian Taxation Office for PAYG tax on behalf of the employees. This is paid on the following Monday of each week. It also retains $5000 per week to pay staff premiums to the XYZ Medical Benefits Fund.
Required:
Question a) If we assume that the reporting date falls on a Thursday, what would the accounting entry at reporting date be to recognise four days' salary and wages expense?
Wages and Salaries expense. DR CR
Tax Payable -PAYG
Medical benefits payable
Wages and salaries payable
Question b) Prepare the appropriate journal entries when the wages are ultimately paid to the employees on Friday.
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