Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 (Marks: 30) Q.6.1 Panda Bear earns a monthly basic salary of R30 150. During the month of March (13) 2020, Panda received a

image text in transcribed

image text in transcribed

Question 6 (Marks: 30) Q.6.1 Panda Bear earns a monthly basic salary of R30 150. During the month of March (13) 2020, Panda received a travel allowance of R1 500 and his Pay-As You Earn (PAYE) amounted to R8 442. He pays R3 800 per month to Snell Medical Aid for medical aid and 7.5% of his gross salary to Better Future pension fund for pension. The employer contributes R1.50 to the medical aid for every R1 contributed by Panda. He pays R50 per month for the movie club. His UIF remuneration is R14 872 and his SDL remuneration is R25 000. Required: Complete Panda Bear's salary in the salaries journal of Koala Traders for March 2020. Round to two decimals. (17) Q.6.2 The following is the Salaries Journal of Miniso Wholesalers for the month of June 2019: Deductions Gross UIF PAYE Net Salary SDL Pension Fund (Age-Old) 5 464.04 Total Deductions Salary 109 298 Employer's Contribution Pension Fund UIF (Age-Old) 5 464.04 696.90 Medical Aid (Pro health) 10 740.94 696.90 16 709.50 22 870.44 86 427.56 1 145.75 All payments were made on 30 June 2019. Required: Prepared the following general ledger accounts for June 2019. Balance/close off all accounts. EMP 201 Control (B7) Creditors for salaries (B8) Age-Old Pension Fund (B9) . Question 6 (Marks: 30) Q.6.1 Panda Bear earns a monthly basic salary of R30 150. During the month of March (13) 2020, Panda received a travel allowance of R1 500 and his Pay-As You Earn (PAYE) amounted to R8 442. He pays R3 800 per month to Snell Medical Aid for medical aid and 7.5% of his gross salary to Better Future pension fund for pension. The employer contributes R1.50 to the medical aid for every R1 contributed by Panda. He pays R50 per month for the movie club. His UIF remuneration is R14 872 and his SDL remuneration is R25 000. Required: Complete Panda Bear's salary in the salaries journal of Koala Traders for March 2020. Round to two decimals. (17) Q.6.2 The following is the Salaries Journal of Miniso Wholesalers for the month of June 2019: Deductions Gross UIF PAYE Net Salary SDL Pension Fund (Age-Old) 5 464.04 Total Deductions Salary 109 298 Employer's Contribution Pension Fund UIF (Age-Old) 5 464.04 696.90 Medical Aid (Pro health) 10 740.94 696.90 16 709.50 22 870.44 86 427.56 1 145.75 All payments were made on 30 June 2019. Required: Prepared the following general ledger accounts for June 2019. Balance/close off all accounts. EMP 201 Control (B7) Creditors for salaries (B8) Age-Old Pension Fund (B9)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions