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May i know for the salary part, we should debit salaries for the amount incl those bonus or not? or solely the basic salary? and the epf is both employee and employer also consider as company expense or just record the employer contribution?
We debit the salaries expense account with the full cost of employing people – their salaries together with any tax charged to employers.
I have no idea what you mean by ‘epf’ – it is not a standard abbreviation and will certainly not be used in the exam.
Do not be so worried about double entries. Paper F3 is not mainly a double entry exam – these days computers do the double entries perfectly!!
Paper F3 is much more concerned with what accountants do – things like deciding on the depreciation policy and deciding whether debts are irrecoverable or doubtful.
Are you watching my free lectures for F3? They are a complete free course and cover everything needed to be able to pass Paper F3 well.
(I am a little bit puzzled that you are asking questions about ACCA exams – when you registered on our website you said that you were studying ‘nothing’ 🙂 )
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