Question
The below information relates to NZ King Salmons employee benefits (as annual and sick leave are not disclosed separately please ignore them). Defined contribution plan
The below information relates to NZ King Salmons employee benefits (as annual and sick leave are not disclosed separately please ignore them). Defined contribution plan expenses are expensed as incurred. Other employee benefit expenses are long-service leave and no long-service leave was taken during the year.
Record the journal entries that would have been recorded for the above information for the 2019 financial year. You must justify and explain your answer and include workings. (6 Mark)
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Account | Debit | Credit |
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Type in any workings or justifications to the journal entries here
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Employee benefits expense Wages and salaries Defined contribution plan expenses Restructuring costs Other employee benefits expenses 2019 $000 32,473 785 (38) 4,800
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