Question 4: Find out the labour cost per hour to a worker who is paid $.200 per month in addition to dearness allowance of $.50 month. He is entitled to bonus at the rate of 10% on wages. Employer's contribution is 8 1/3% of wages towards contributory Provident Fund and 1% towards ESI Scheme. The employee's contribution towards ESI Scheme is ½%. The worker is entitled to leave with full pay for 1/20 of days worked. The employer maintains a canteen where subsidised tea and lunch are provided to workers and a monthly subsidy of $.1,000 is provided to the canteen. The total number of employees who take advantage of this canteen is 200. Normal idle time amounts to 20%. The average working days in a month are 25 of 8 hours each.

Question 4: Find out the labour cost per hour to a worker who is paid $.200 per month in addition to dearness allowance of $.50 month. He is entitled to bonus at the rate of 10% on wages. Employer's contribution is 8 1/3% of wages towards contributory Provident Fund and 1% towards ESI Scheme. The employee's contribution towards ESI Scheme is ½%. The worker is entitled to leave with full pay for 1/20 of days worked. The employer maintains a canteen where subsidised tea and lunch are provided to workers and a monthly subsidy of $.1,000 is provided to the canteen. The total number of employees who take advantage of this canteen is 200. Normal idle time amounts to 20%. The average working days in a month are 25 of 8 hours each.

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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