On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan:Fair value of plan assetsDefined benefit obligationPrepaid/accrued benefit cost- creditP9,500,00012,000,000P2,500,000The transactions for 2019 are as follows:Current service costActual return on plan assetsContribution to the planBenefits paid to retireesIncrease in defined benefit plan due to change inactuarial assumptionsPresent value of defined benefit obligation settledSettlement price of defined benefit obligationDiscount rateP1,800,0001,100,0002,700,0002,000,000150,000600,000800,00010%How much is the Prepaid/accrued benefit cost on December 31, 2019?

Pension is defined as the fund collected from the tax payer or employee during his term of…

On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan: Fair value of plan assets Defined benefit obligation Prepaid/accrued benefit cost- credit P9,500,000 12,000,000 P2,500,000

On January 1, 2019, HULA Co. provided these data concerning its defined benefit plan: Fair value of plan assets Defined benefit obligation Prepaid/accrued benefit cost- credit P9,500,000 12,000,000 P2,500,000

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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The following date relate to the defined benefit plan of CCC Company for the year ended December 31, 20x8: Present value of benefit obligation, January 1, 20x8 Current service cost Benefits paid during the year Discount rate Present value of benefit obligation, December 31 20x8 1. P15,000,000 800,000 1,500,000 6% 17,410,000 Ignore income tax, what amount of remeasurement gain or loss that should be included in the other comprehensive income?
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16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% How much is the net prepaid/accrued defined benefit cost that was shown on December 31, 2020 balance sheet? Group of answer choices 400,000 accrued 346,000 prepaid 346,000 accrued 400,000 prepaid PreviousNext
Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of
4. On January 1, 2021 COMET Company provided the following data in connection with the defined benefit plan: Fair value of plan assets –₱6,700,000; Projected benefit obligation –₱7,600,000. The accountant revealed the following information for the current year: Current service cost –₱1,750,000; Past service cost –₱300,000; Discount rate – 10%; Expected return on plan assets – 12%; Actual return on plan assets –₱500,000; Contributions to the plan –₱2,000,000; Benefit paid to retirees –₱1,250,000. What is the employee benefit expense on December 31, 2021?
E. Chariton Company provided the tollowing intormation concerning a detined benetit plan at the beginning of Surrent year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain 4,750,000 1,250,000 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees 485,000 1,350,000 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 16. Determine the employee benefit expense for the current year. 17. Compute the remeasurement related to the…
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Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.