Based on the information provided in Activity 18.5 above, write up the Salaries account in the books
Question:
Based on the information provided in Activity 18.5 above, write up the Salaries account in the books of the trader.
Data from Activity 18.5:
A trader’s gross salary to staff for a month is £417,000. PAYE is deductible at 6%, while NI contribution is 5% by staff and 10% by the employer. Calculate
The Net salary payable for the month and
The amount to be remitted to HMRC as PAYE and as NIC contribution.
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Wages and salaries account Bank ac net ...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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