Question
Tifff limited has a 31 December year end. Employees work a 5 day week and are entitled to 20 paid working days of vacation per
Tifff limited has a 31 December year end. Employees work a 5 day week and are entitled to 20 paid working days of vacation per annum Employees statistics are as follows : Number of employees - 50 000 Average annual salary :2017 - R100 000 Unused leave 31 December 2017 - 10 days Leave taken in the year ended 31 December 2018 - 14 days *S1 & S2 : on average, 9 earned in 2015, 5 earned 2017 *S3 : all earned in 2018 Leave expected to be taken during the year ended 31 December 2019 *S1 & S2 on average, 12 days earned in 2019, 3 days earned in 2018 *S3, all days earned in 2019
Additional information -1 no employees left or joined the company in the past 2 years -2 salaries increased by 20% from 01 January 2018 -3 past estimates show that management is able to correctly forecast the number of vacation days that will be used in the following year Required Determine the leave pay provision, and provide the journal at the 31 December 2018 assuming that 3.1 leave accumulates and vests indefinitely 3.2 leave accumulates for one year after it accrues but is non vesting 3.3 leave does not accumulate and is non vesting
QUESTION THREE Tit Limited has a 31 December year end. Employees work a 5 day week and are entitled to 20 paid working days of vacation per annum. 50 000 Employee statistics are as follows: Number of employees Average annual salary: 2017 Unused leave 31 December 2017 Leave taken in the year ended 31 December 2018 S1 S2 : on average, 9 earned in 2018,5 earned in 2017 S3: alleamed in 2018 R100 000 10 days 14 days - 15 days Leave expected to be taken during the year ended 31 December 2019 S18 S2: on average, 12 days earned in 2019, 3 days earned in 2018 53: all days earned in 2019 Additional information: 1. No employees left or joined the company in the past 2 years. 2. Salaries increased by 20% from 01 January 2018. 3. Past estimates show that management is able to correctly forecast the number of vacation days that will be used in the following financial year. Required: Determine the leave pay provision, and provide the journal at the 31 December 2018 assuming 3.1. Leave accumulates and vests indefinitely Leave accumulates for one year after it accrues but is non-vesting Leave does not accumulate and is non-vesting 3.2 3.3. (10) (10) (10) HUAWEI P30 lite OO TRIPLE CAMERA QUESTION THREE Tit Limited has a 31 December year end. Employees work a 5 day week and are entitled to 20 paid working days of vacation per annum. 50 000 Employee statistics are as follows: Number of employees Average annual salary: 2017 Unused leave 31 December 2017 Leave taken in the year ended 31 December 2018 S1 S2 : on average, 9 earned in 2018,5 earned in 2017 S3: alleamed in 2018 R100 000 10 days 14 days - 15 days Leave expected to be taken during the year ended 31 December 2019 S18 S2: on average, 12 days earned in 2019, 3 days earned in 2018 53: all days earned in 2019 Additional information: 1. No employees left or joined the company in the past 2 years. 2. Salaries increased by 20% from 01 January 2018. 3. Past estimates show that management is able to correctly forecast the number of vacation days that will be used in the following financial year. Required: Determine the leave pay provision, and provide the journal at the 31 December 2018 assuming 3.1. Leave accumulates and vests indefinitely Leave accumulates for one year after it accrues but is non-vesting Leave does not accumulate and is non-vesting 3.2 3.3. (10) (10) (10) HUAWEI P30 lite OO TRIPLE CAMERAStep by Step Solution
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