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Write the balance of the provision for sick leave

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Reference no: EM132933276

Tulip Ltd has 200 employees. Their wages are $340 per day per employee. Each employee is entitled to 10 days paid sick leave per annum. The entitlement conditions are that sick leave is accumulating and non-vesting. Sick leave is taken first out of the current years entitlement and then out of any balance brought forward from the previous year (a last in first out basis). The balance of unused entitlements at 30 June 20X1 was zero. During the year ended 30 June 20X2, each employee took, on average, 6 days of paid sick leave. It is estimated that in the future, 20% of unused sick leave will be taken by employees.

Required:

Problem 1: Write the balance of the Provision for Sick Leave that would appear in Tulip Ltd's Statement of Financial Position at 30 June 20X2 in accordance with the requirements of AASB 119: Employee Benefits. Do not include any spaces, commas, dollar signs or decimals in your answer.

Reference no: EM132933276

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