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System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Hi Really hope someone can help:<BR><BR>I have a couple of questions that i am a bit stuck with and was wondering if some one could help on the following:<BR><BR>The wages summary relates to the month if November 2001.<BR><BR>Gross Wages 4400<BR>Net Wages 3100<BR>Employees NIC 500<BR>Employees NIC 440<BR>Trade Union Fees 60<BR>PAYE 800<BR>How would you show this on a wages control account, i have had a look in my books and i am still a bit unsure.<BR><BR>Also with Contra Transfers, has anyone got an ideas of the best way to remeber how to do them.<BR><BR>Thanks for your help.<BR><BR><BR>

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    Help

    ON DEBIT SIDE OF AC U WILL HAVE<BR><BR>INLAND REVENUE £1740 (500+440+800) IE PAYE + EMPLOYERS NIC+ EMPLOYEES NIC<BR>TRADE UNION £60<BR>BANK £3100 (NET WAGES DUE TO EMPLOYEE)<BR><BR>ON CREDIT SIDE YOU WILL HAVE <BR>WAGES ACCOUNT £4900 (WHICH IS TOTAL OF DR ENTERIES, iE INLAND REVENUE +TRADE UNION +BANK<BR><BR>THE AC SHOULD BALANCE OUT <BR><BR>ps ARE YOU DOING FOUNDATION LEVEL I COULD DO WITH HELP ON MY KNOWLEDGE & UNDERSTANDING BOOK
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Help

    Hi<BR><BR>The way I remember it is everything that is an expense to the company goes on the credit side of the control. That will be the Gross Pay and the Employers NIC as that is all that the company pays out. Everything else will go on the debit side.<BR><BR>The only thing I know about contra transfers is that it is when a customer is also a supplier so both the purchase ledger control and sales ledger control are altered by the same amount.<BR><BR>Hope this is right. :-)<BR><BR>Jane
  • System
    System Posts: 100,537 🤖 Admin 🤖
    can u help

    have u sat the new standards financial paper devolved assesment 2004?<BR>

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