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Entry to record the contribution to the fund

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Question - Blue Jeans Company provides retirement benefits to employees through defined contribution plan. The plan provides that Blue Jeans shall contribute annually 8% of gross payroll to a funding agency. In addition, the entity is also required to contribute 5% off annual sales exceeding P10,000,000. During 2018, gross payroll of the company was P6,000,000 and total sales amounted to P35,000,000.

Requirement -

1. Determine the retirement benefit expense for the year 2018?

2. Entry to record the contribution to the fund and the retirement benefit expense assuming the following contributions (a) P1,800,000 and (b) P1,500,000.

Reference no: EM132534218

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