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Show journal entries related to employee benefits

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Reference no: EM132585022

Semangat Bhd has created a retirement plan for its employees. Here are the balances related to the benefit plan as at 31 December 2018.

Fair value of retirement benefit plan assets              RM 480,000
The current value of retirement plan obligations        RM600,000

The following additional information was obtained for the financial year 31 December 2019

Current service costs                                    RM 90,000
Contribution to the retirement plan                    RM99,000
Benefits are paid to employees                       RM85,000
Rate of return and interest rate on obligations          6%
Fair value of retirement benefit plan assets          RM510,000
The current value of retirement plan obligations      RM625,000

Be required:

Question 1: Based on MFRS 119 Employee Benefits, Show journal entries related to employee benefits in 2019 (include clear calculations based on correct steps)

Reference no: EM132585022

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