Example 20.26) The employees of a textile mill have approached the management for a raise in their wages. Their contention is that while prices have increased enormously, their wages have risen mar- ginally and, as such, their "real" wages have declined. In support of their case, they have presented the following data to the management. Year 1999 2000 2001 2002 2003 2004 Average monthly wage (Rs) 3800 3910 3990 4050 4095 5120 Price Index 110 125 155 170 189 216 You are asked to calculate the "real" wages. Also compute the additional amount necessary in 2004 to provide buying power at par with that in 1999.

Example 20.26) The employees of a textile mill have approached the management for a raise in their wages. Their contention is that while prices have increased enormously, their wages have risen mar- ginally and, as such, their "real" wages have declined. In support of their case, they have presented the following data to the management. Year 1999 2000 2001 2002 2003 2004 Average monthly wage (Rs) 3800 3910 3990 4050 4095 5120 Price Index 110 125 155 170 189 216 You are asked to calculate the "real" wages. Also compute the additional amount necessary in 2004 to provide buying power at par with that in 1999.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A 69. Subject:- accounting