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Question - IFRS - Employees are each entitled to two weeks of paid vacation leave. During the current year, the employees earned 1,500 weeks of vacation leave and used 1,000 weeks. The current salary of the employees is an average of P3,000 per week and the salary is expected to increase by P300 per week or a future weekly salary of P3,300.
Required -
1. Prepare journal entries for the current year assuming benefit is accumulating and vesting.
2. Prepare journal entries assuming the benefit is non-accumulating and non-vesting.
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