wages control account

jkcjkc Well-KnownRegistered Posts: 166
help! what are the balances on the wages control account
the last question asks for final balence then
account 1
account 2
account 3
and the difference balence.
I am guessing bank, IR and employers IR but not sure and balence difference
pension contributions
loosing all hope, any help appreciated thanks

Comments

  • jkcjkc Well-Known Registered Posts: 166
    soory not very clear was i
    figured out that the balence difference in the wages and control is emloyers NIC form payroll and temporary workers pay slip. the third balence is Employers pension
    this balence would be transfered to the wages and salaries account but not
    sure if I am correct. can any one help
  • creastiy@sina.com[email protected] Just Joined Registered Posts: 2
    Agree, but

    ummm.... Ok, I agree with you. But I still have another opinion about it.maple story mesos eve dofus
  • jkcjkc Well-Known Registered Posts: 166
    thanks
    but i dont get the link thing, looks interesting thou
  • alicemaylaraalicemaylara Trusted Regular Registered Posts: 259
    i DONT REALLY UNDERSTAND UR QUESTION BUT I WAS TOLD AT MY REVISION CLASS THAT ALL YOU NEED TO LEARN IS BASICALLY WHAT GOES IN THE WAGES CONTROL ACCOUNT

    DR
    Net wages
    PAYE
    NIC employees
    NIC employers

    CR
    Gross wages
    NIC Employers

    HOPE THIS HELPS

    GOOD LUCK WITH THE EXAM:thumbup1:
  • jp27jp27 New Member Registered Posts: 9
    sorry to be really stupid, but I dont understand why the NIC Employers goes in both dr and cr?? less than 2 weeks to understand all this madness!!
  • roy ramphulroy ramphul Feels At Home Registered Posts: 36
    The long way around in posting Employers NIC is

    Debit wages expense (Employers NIC)
    Credit Wages Control (Employers NIC)

    then

    Debit Wages Control (Employers NIC)

    Credit PAYE/Inland Revenue (Employers NIC)

    Quicker way which in the unit 2 skills test adopts

    is to

    Debit wages expense (Employers NIC)

    Credit PAYE/Inland Revenue (Employers NIC)
  • alicemaylaraalicemaylara Trusted Regular Registered Posts: 259
    Employers NIC is charged on every employee he employs so it is DR wages Control CR Revenue. But for some reason it is also Cr Wages control Account Dr Wages expense. Im not quite sure way but i just remember it so i get it right in the questions! Sorry that may have confused you even more. But dont worry too much about it. My tutor did say that sometimes thesequestions dont crop up and if they do some of its just calculating employee wages not entering into the books. Dont get bogged down trying to remember it. Spread your revision equally. Alot of section 2 u can have a guess at if things get bad.
    Hope this helps not hinders!:blushing:
  • jkcjkc Well-Known Registered Posts: 166
    thanks, passed simulation but dont know how
    made one error posting on the pensions so i'm mortified. stuck on simulation
    three trial balence, test in two weeks.
    if i pass ill be over the moon and even more dizzy!!!!!!
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