Reference no: EM132595128

The fair value of the plan assets on 01 January 2019 was R51 200. At 01 January 2019, the expected rate of return on these assets was estimated to be 8%. The expected rate of return and all actuarial assumptions remained unchanged throughout 2019.

2019                                                           R

Current contributions                         9,000

Benefits paid to employees                 5,000

Salaries paid to employees                   140,000

Employee contributions paid into the plan 10,000

Employees tax paid                               60,000

Required:

Question 1: Calculate the net defined benefit plan asset at 31 December 2019.