The following information is taken from the payroll records of a company. Basic pay for basic hours Overtime-basic pay Overtime-premium Training Sick pay Idle time Direct workers S 43,000 10,000 5,000 2,500 750 1,200 Indirect workers S 17,000 4,500 2,250 1,250 250 0 Total S 60,000 14,500 7,250 3,750 1,000 1,200 Required: Using the information given, complete the labour account shown below: Labour account S S

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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.