Module 10 Flashcards
1
Q
What are staff costs?
A
cost of employee benefits
may include
- wages
- salaries
- employers nic
- employers pension contributions
2
Q
What are the journal entries for when staff costs are incurred?
A
Dr P&L -Staff costs
Cr HMRC creditor
Cr Bank
and when HMRC creditor is paid
Dr HMRC creditor
Cr Bank
3
Q
What are the journal entries when a loan is provided to employees?
A
when a loan is issued
Dr Other debtors
Cr Bank
when loan is repaid through deductions
Dr P&L- staff costs
Cr HMRC creditor
Cr Other debtors (reducing asset)
Cr Bank
4
Q
What are the journal entries when an employer deducts pension contributions?
A
Dr P&L- staff costs
Cr HMRC creditor
Cr Pension creditor
Cr Bank
