wages control account

[jkc]

help! what are the balances on the wages control account
the last question asks for final balence then
account 1
account 2
account 3
and the difference balence.
I am guessing bank, IR and employers IR but not sure and balence difference
pension contributions
loosing all hope, any help appreciated thanks

[jkc]

soory not very clear was i
figured out that the balence difference in the wages and control is emloyers NIC form payroll and temporary workers pay slip. the third balence is Employers pension
this balence would be transfered to the wages and salaries account but not
sure if I am correct. can any one help

[creastiy@sina.com]

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[jkc]

thanks
but i dont get the link thing, looks interesting thou

[alicemaylara]

i DONT REALLY UNDERSTAND UR QUESTION BUT I WAS TOLD AT MY REVISION CLASS THAT ALL YOU NEED TO LEARN IS BASICALLY WHAT GOES IN THE WAGES CONTROL ACCOUNT

DR
Net wages
PAYE
NIC employees
NIC employers

CR
Gross wages
NIC Employers

HOPE THIS HELPS

GOOD LUCK WITH THE EXAM:thumbup1:

[jp27]

sorry to be really stupid, but I dont understand why the NIC Employers goes in both dr and cr?? less than 2 weeks to understand all this madness!!

[roy ramphul]

The long way around in posting Employers NIC is

Debit wages expense (Employers NIC)
Credit Wages Control (Employers NIC)

then

Debit Wages Control (Employers NIC)

Credit PAYE/Inland Revenue (Employers NIC)

Quicker way which in the unit 2 skills test adopts

is to

Debit wages expense (Employers NIC)

Credit PAYE/Inland Revenue (Employers NIC)

[alicemaylara]

Employers NIC is charged on every employee he employs so it is DR wages Control CR Revenue. But for some reason it is also Cr Wages control Account Dr Wages expense. Im not quite sure way but i just remember it so i get it right in the questions! Sorry that may have confused you even more. But dont worry too much about it. My tutor did say that sometimes thesequestions dont crop up and if they do some of its just calculating employee wages not entering into the books. Dont get bogged down trying to remember it. Spread your revision equally. Alot of section 2 u can have a guess at if things get bad.
Hope this helps not hinders!:blushing:

[jkc]

thanks, passed simulation but dont know how
made one error posting on the pensions so i'm mortified. stuck on simulation
three trial balence, test in two weeks.
if i pass ill be over the moon and even more dizzy!!!!!!