Payroll Journal
Payroll details for Gascoyne (NSW) Pty Ltd for September 2018 are as follows:
Factory: | |
Wages at ordinary hourly rates | 25,992 |
Wages for overtime (time and one-half) | 2,916 |
Salary (Supervisor) | 4,835 |
Annual leave paid | 1,607 |
Administration wages and salaries | 16,350 |
Total gross | 51,700 |
PAYG tax withholding | 11,260 |
Medical fund deductions | 1,200 |
i. The company reduces the appropriate provision for any leave paid.
ii. Analysis of time sheets shows 1,290 hours chargeable to jobs for the month. Factory overtime premiums are not chargeable to jobs. All factory wage employees are paid $18 per hour for ordinary time.
iii. The company's superannuation guarantee liability for the month is $4,550.
iv. Workers' compensation insurance of $18,600 was paid on 1 August 2018 for the year.
v. There were no accrued wages and salaries at 1 September.
Using Excel or a financial software system
a) Prepare entries in general journal form to record the gross wages and salaries and payment of net pays for September.
b) Calculate direct and indirect labour cost for the month. Show all workings.
c) Prepare the general journal entry to account for the factory pays as direct and indirect labour.
d) Prepare entries in general journal form to record the incurrence of the other labour related costs for September.
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