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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Related Book For
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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