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Question - Suntech Pty Ltd is a solar unit selling company which has 30 full time employees and is on weekly payroll. However, due to shortage in cash flow, Suntech was unable to pay last 2 weeks wages in June for Its employees.
The tax deducted from employee's pay should be paid to TAX authority of the country by the following month on behalf of employee.
Weekly wages are processed as below.
Gross wage ("000")
Tax deducted from employees pay ("000")
Net salary for employee ("000")
June 1st week
120
(9.6)
110.4
June 2nd week
240
(16)
224
June 3rd week
180
(12)
168
June 4th week
200
(13.4)
186.60
Show all the relevant transactions for above during the month of June 2019 in the "T accounts "and provide the final balances reflect in June to the below statements.
i. Income statement for the month of June 2019.
ii. Statement of financial position as at 30.06.2019.
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