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Need Help: Accounting Entry

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Need Help: Accounting Entry

  • This topic has 2 replies, 2 voices, and was last updated 13 years ago by luckycoin.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • July 29, 2011 at 3:49 am #49367
    luckycoin
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Hello Fellow Members,

    Got stucked with some account entry.

    Basically, the case is this … This is a F&B Company, and currently providing lunch for it’s employees … Understand from F6 that this is not a taxable benefits as this is available to all its employees …

    In accounting viewpoint, what would be the double entry for this?

    Dr. Employee Benefits
    Cr. ???

    Many thanks in advance to all kind souls that help me with this !!! 🙂

    July 31, 2011 at 6:38 am #86167
    ratna1238
    Member
    • Topics: 3
    • Replies: 75
    • ☆☆

    In my opinion…

    You recognise the Employee Benefits as your expense (dr)
    You need to pay money out for that expense…

    so…. (cr) cash / bank

    😀

    August 1, 2011 at 3:09 am #86168
    luckycoin
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Thanks ratna1238, for your kind help …

    As this is a F&B company, they prepared the lunch for its employees. Therefore, no monetary transaction is involved between the company and employees …

    I trust that each time when such F&B company buys raw food, the entries would be dr stock cr cash …

    So, before preparing lunch for its employees, shouldn’t they need to draw raw food from its stock to cook? IMO, the entries would be dr. employee benefits (exp) cr. stock … But still, I’m not too sure whether such entry is correct.

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