- June 13, 2022 at 3:03 pm #658647kaydeahMember
- Topics: 1
- Replies: 1
Campus limited has a defined benefit plan. The following information relates to this plan
for the year ended 31 December 2017
Defined benefit plan asset opening balance N$ 300 000
Defined benefit plan obligation opening balance N$ 400 000
Discount rate based on market yield of high quality corporate 10% (unchanged)
Benefits paid to employees N$ 100 000
Contributions by employees into the plan assets N$ 150 000
Contribution by employer into the plan assets N$ 250 000
Current service costs at present value N$ 500 000
Present value of plan obligation as at 31 December 2017 N$ 800 000
Fair value of plan assets as at 31 December 2017 N$ 600 000
There was a Nil balance on the defined benefit plan asset ceiling adjustments account as
at 1 January 2017.
The present value as at 31 December 2017 of future refunds and reductions in future
contributions is N$ 1 000 000.
Provide all journal entries to the defined benefit plan for the year ended
31 December 2017. Show your workings where necessaryJune 14, 2022 at 7:16 am #658680John MoffatKeymaster
- Topics: 57
- Replies: 51555
IAS 19 is not examinable in Paper FA.
(And why are you expecting us to answer a test question for you? We provide help with problems that students have while studying – we do not simply provide full answers to full questions!)
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