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Gamma Ltd provides its three employees - Green, White and Black - with 2 weeks of accumulating sick leave entitlement each year. Employees Green and White are entitled to vesting sick leave and the amount of the weekly payroll attributable to them is $8,000 in total. The remaining employee, Black, is entitled to non-vesting sick leave and Black accounts for $5,000 of the weekly payroll.
Experience suggests that each year the three employees take 80% of their sick leave respectively. Gamma Ltd recognises the sick leave entitlements of its employees on a weekly basis.
REQUIRED:
Question 1: Prepare the necessary weekly journal entries in the books of Gamma Ltd to recognise any sick leave entitlements as they accrue in accordance with the requirements of AASB 119 'Employee Benefits'. Show ALL working and explanations necessary to support your answer. Round dollar amounts to two decimal places.
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