At the beginning of current year, Cash Company reported the following shareholders' equity: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding 1,000,000 Share premium Retained earnings Total shareholders' equity 6,000,000 2,800,000 9,800,000 During the current year, the following chronological transactions affected shareholders' equity: Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for the current year amounted to P3,000,000.

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.