Accounting for long service leave LO6 Victoria Ltd provides long service leave entitlement of 13 weeks

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Accounting for long service leave  LO6 Victoria Ltd provides long service leave entitlement of 13 weeks of paid leave after 10 years of continuous employment. The provision for long service leave had a credit balance of $140 000 at 30 June 2019. During the year ended 30 June 2020, long service leave of $25 000 was paid. At the end of the year, the present value of the defined benefit obligation for long service leave was $150 000. Required Prepare all journal entries in relation to long service leave for the year ended 30 June 2020.

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Financial Reporting

ISBN: 978-0730363361

2nd Edition

Authors: Janice Loftus ,Ken Leo ,Sorin Daniliuc ,Belinda Luke ,Hong Nee Ang ,Karyn Byrnes

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