Show journal entries related to employee benefits

Assignment Help Financial Accounting
Reference no: EM132585022

Semangat Bhd has created a retirement plan for its employees. Here are the balances related to the benefit plan as at 31 December 2018.

Fair value of retirement benefit plan assets              RM 480,000
The current value of retirement plan obligations        RM600,000

The following additional information was obtained for the financial year 31 December 2019

Current service costs                                    RM 90,000
Contribution to the retirement plan                    RM99,000
Benefits are paid to employees                       RM85,000
Rate of return and interest rate on obligations          6%
Fair value of retirement benefit plan assets          RM510,000
The current value of retirement plan obligations      RM625,000

Be required:

Question 1: Based on MFRS 119 Employee Benefits, Show journal entries related to employee benefits in 2019 (include clear calculations based on correct steps)

Reference no: EM132585022

Questions Cloud

How to indicate range of possible prices that hastings bid : How to Indicate range of possible prices that Hastings could bid for each share of Vandell common stock in acquisition. Round your answers to the nearest cent
How would you argue against the inevitable tendency : A simulated disaster and comprehensive recovery test may involve many of an organization's key personnel for several days: is this a reasonable burden.
Valuation of bonds : Describe the relationship between interest rates and bond prices. Describe the differences between a coupon bond and a zero coupon bond.
How can a reputation be securely retrieved : One of the big challenges with cloud-based reputation checks is performance. Users do not typically want to wait a few seconds while the reputation of potential
Show journal entries related to employee benefits : Based on MFRS 119 Employee Benefits, Show journal entries related to employee benefits in 2019 (include clear calculations based on correct steps)
Prepare lease amortization schedule during the lease term : Prepare for WanHai Bhd, Lease-related presentation in the financial statements as at 31 December 2019.Lease amortization schedule during the lease term.
What is the herfindahl index for the smartphone industry : What is the Herfindahl Index for the smartphone industry based on these numbers? Based on the Herfindahl Index, do you think the government would be willing
Discuss the future blockchain and the different applications : Discuss the future blockchain and the different applications - referencing the reading for the week: Future of Blockchain - A. Ali, S. Latif, J. Qadir.
What needs to be done to reach that objective : In at least three pages of content, come up with a plan to become PCI-DSS compliant at your company. Currently, your company, a mid-size online retailer.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Profit and loss account for the year ended 31 march 2001

Profit and loss account for the year ended 31 March 2001 and Balance sheet as at 31 March 2001 - Rates for the year to June 2001 were Sh 36,000 but these had no

  Prepare a classified balance sheet for the year ended

Flip Company's December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Invent..

  Discuss deductions for the individual taxpayer

Explain qualification of dependency as it relates to claiming dependent exemptions from taxable income.-Discuss deductions for the individual taxpayer.

  Income statement for this transaction

Frasquita acquired equipment from the manufacturer on 6/30/2016 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $550,000 on 4/30/2017 to satisfy the obligation in full. If Frasquita accrued interest of $15,000 on the no..

  Illustrate what adjustments are needed for financial

at which time the fair values of the equipment and building as of the acquisition date are revised to $180,000 and $550,000, respectively. At the end of 2012, illustrate what adjustments are needed for the financial statements for the period endin..

  What is last chances percentage depletion

What is Last Chance's cost depletion for years 1, 2, and 3 - what is Last Chances percentage depletion for each year?

  Determine how is the revaluation of the intangible assets

Determine How is the revaluation of the intangible assets copyright and trademark recorded, along with the amorization adjustment?

  What will the property tax bill on this property equal

The Mundane County Council has the following information concerning the upcoming fiscal year’s budget: A residence in Mundane County has an assessed value of $15,000. Its owner qualifies for an old-age exemption of $1,000 and a homestead exemption of..

  Critique a variance report the terminator inc provides

critique a variance report the terminator inc. provides on-site residential pest extermination services. the company

  What is this? firm after-tax? wacc

Pfd Company has debt with a yield to maturity of 7.4 % a cost of equity of 12.8 % and a cost of preferred stock of 9.7 %. The market values of its? debt

  Prepare a balance sheet and income statement

Prepare a balance sheet, income statement, and statement of cash flows as of December 31.

  Compute the eup for direct material-direct labor

Compute the EUP for direct material,direct labor, and overhead using weighted average process costing. Compute the EUP for direct material, direct labor, and overhead using FIFO process costing.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd