Calculating employee earnings for csec
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This document outlines the steps to calculate employee earnings, including: 1) Calculating gross pay by multiplying regular hours worked by the hourly rate and overtime hours by the overtime rate. Gross pay includes regular wages, overtime, bonuses and commissions. 2) Calculating overtime from employee records by multiplying overtime hours worked beyond eight hours by the overtime rate as determined by country law (e.g. time and a half, double time, triple time). 3) Calculating net pay by subtracting statutory and non-statutory deductions from the gross pay amount.
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A partnership is a business organization owned by two or more persons called partners who come together voluntarily to combine their skills, experience, and resources to make a profit. The key features of a partnership are that it has voluntary association between partners, mutual agency where each partner can act on behalf of the business and bind the other partners, unlimited liability where each partner is personally responsible for the partnership's debts, limited life as it can end when a partner withdraws or dies, and co-ownership of property where assets are jointly owned and distributed based on capital accounts if the partnership dissolves.
Basic costing principles
Cost-based pricing and absorption cost pricing are two common strategies. Cost-based pricing involves adding up all variable costs and overhead to determine the minimum price, while absorption cost pricing accounts for both fixed and variable costs. For cost-based pricing, the formula is price equals cost plus a markup percentage of cost. Absorption cost pricing derives long-term prices to pay for all expenses by including a proportion of fixed costs and overhead in the price, along with variable costs and a markup. Understanding costs is crucial for setting appropriate prices under different strategies.
Methods of stock valuation
Methods of inventory valuation include first in first out (FIFO), last in first out (LIFO), and weighted average cost (AVCO). FIFO assumes the earliest goods purchased are sold first and values ending inventory at the latest prices. LIFO assumes the latest goods purchased are sold first and values ending inventory at older prices. AVCO makes no assumptions about inventory movement and values goods based on the weighted average unit cost. The method used affects ending inventory valuation and calculated profits.
Methods of raising capital for llc and co operatives
LLCs and cooperatives can raise capital through several methods including issuing shares to private investors for LLCs and members for cooperatives, securing debt through loans or debentures, and retaining annual earnings. Shares may be preferred shares that provide priority on dividends and bankruptcy, or ordinary shares that offer voting rights. Cooperatives also generate capital through member purchases, annual fees, and interest on loans to members. Both types of organizations can tap into reserves set aside from prior earnings.
Final accounts of llc and cooperatives
The document discusses the final accounts that limited liability companies (LLCs) and cooperatives must prepare at the end of each financial period. Both entities prepare an income and expenditure account, appropriation account, cash flow statement, and balance sheet. Cooperatives also prepare a receipts and payments account and trading account. The document provides details on the purpose and components of each final account.
Appropriation of profits
The document discusses the appropriation of profits process for a limited liability company. It explains that net profits are transferred to an appropriation account rather than share capital accounts. The appropriation account is used to allocate profits between dividends, reserves, and retained earnings. It contains key items like the profit/loss for the year, retained profits brought forward, proposed dividends, transfers to reserves, and retained profits carried forward. The document also distinguishes between capital reserves, which are not used for dividends, and revenue reserves, which can be used for dividends. An example appropriation account is provided.
Recording of shares and debentures
The document discusses recording the issue of shares and debentures by companies. It explains that shares are issued to raise a company's capital, and can be ordinary shares or preference shares, each with different features. When shares are issued, the company debits cash and credits share capital accounts. If shares are issued above par value, share premium is also credited. Debentures are long-term loans to a company that pay a fixed rate of interest and are repaid on a specific date. To record debenture issuance, the company debits cash and credits the debentures account.
Non profit organisations
Non-profit organizations exist to benefit their members rather than generate profits. They aim to provide facilities and services for members to use, and are formed for educational, religious, charitable, or social welfare purposes. Non-profits are governed by elected boards of directors and obtain funding through contributions, dues, programs, fundraising, grants, and investments rather than being owned by businesses seeking profits.
Cooperatives
Co-operatives are organizations formed for the benefit of their members and local communities. They provide goods and services to members who are also customers, with profit-making not the main goal. Members buy shares and elect a board of management to govern activities. Co-operatives follow principles of open membership, democratic control, limited returns on shares and patronage refunds based on customer use. They also provide education and cooperate with other co-operatives.
Features of limited liability companies
Limited liability companies have several key features:
1) Their capital is divided into shares or stocks that are sold to raise money from public or private investors.
2) Shareholders are only responsible for the amount they invested and not other debts of the company.
3) They have the words "Ltd", "Plc", or "LLC" after their names. Private limited companies have few shareholders and restricted share sales, while public companies freely trade shares on stock exchanges.
Internal and external users of financial information
This document discusses the internal and external users of accounting information. External users such as creditors, stockholders, vendors, and government agencies rely on accounting information to make important financial decisions but have limited access to it. Internal users directly involved in running the business use the information to improve performance and profitability. The needs of internal users include employees, purchasing managers, and production managers who use it to monitor costs and ensure quality.
Preparation of trading, profit and loss of a manufacturer
The document discusses how to prepare the final accounts, including the trading and profit & loss account and balance sheet, for a manufacturer. The trading account shows the cost of goods manufactured, sales, purchases, and opening and closing stock. The profit & loss account determines the overall net profit or loss by transferring the gross profit from the trading account and deducting administrative, selling, distribution, and financial expenses. The balance sheet resembles those of other businesses but shows three inventory figures - closing stock of raw materials, finished goods, and work in progress.
Elements of cost
The document discusses the elements needed to calculate the cost of production for Snickers bars using a manufacturing account. It identifies the key costs as raw materials, labor, and operating the factory. Raw materials are a direct cost, while direct costs also include direct wages and expenses. Indirect costs include indirect materials, wages, and expenses that are linked to manufacturing but not specific units. The goal is to understand the direct and indirect costs incurred in producing Snickers bars.
Books of oe recording transactions
This document discusses the source documents used to record transactions in books of original entry, including purchase invoices, sales invoices, credit notes, cash receipts, bank statements, and petty cash vouchers. It provides templates for the purchases journal, sales journal, returns inwards journal, returns outwards journal, cash book, and petty cash book. The purpose of books of original entry is to record business transactions in chronological order from source documents before posting to the general ledger.
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Journal entries for recording capital of partnerships
Journal entries for recording capital of partnerships
Methods of raising capital for llc and co operatives
Methods of raising capital for llc and co operatives
Internal and external users of financial information
Internal and external users of financial information
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
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Calculating employee earnings for csec
- 1. Calculate employee earnings Section 11 Objective 6
- 2. Calculate employees’ earnings • Section 11 – Objective 6 • Calculate gross pay • Calculate overtime from employee records • Calculate statutory and non-statutory deductions • Calculate net pay
- 3. Calculate employees’ earnings • It is the function of the Accounts Department to prepare the payroll. • A payroll is a list of employees and the payments due to them for wages or salaries for a pay period. • Each times salaries or wages are paid payroll is prepared for the period – It show details of an individual gross pay, statutory deductions and non-statutory deductions
- 4. Calculate employees’ earnings Calculate gross pay • Gross pay (Total pay) – Is the total compensation earned by an employee. – It consists of the regular wages or salaries, plus overtime pay, bonuses and commissions. – The regular wages for an employee is determined using the following formula • Total regular hours worked x hourly rate
- 5. Calculate employees’ earnings • Calculate gross pay – The calculation of gross pay is taken from approved time cards or time books – The formula for the overtime employee is • Overtime work in excess of eight hours worked x overtime rate
- 6. Calculate employees’ earnings • Calculate overtime from employee records – Overtime is time an employee worked in addition to his or hers normal working hours. – These hours are paid at higher rates than normal hours – The hours are outlined in a country’s law
- 7. Calculate employees’ earnings Calculate overtime from employee records The overtime worked beyond eight hours on a working day in some countries may be paid – time and half – double time – triple time The formula to calculate overtime work in excess of eight hours is Overtime work in excess of eight hours x overtime rate.
- 8. Calculate employees’ earnings • Calculate net pay – Net salary (take home pay) is calculated as • gross salary less statutory and non- statutory deductions
- 9. Calculate employees’ earnings • The video on the next slide will give an overview of calculating employee’s wages and the use of relevant records( as per objectives 2, 5 and 6 from the syllabus).
- 10. Calculate employees’ earnings • Go to: Calculating employee earnings – Audrey Shellhammer – https://www.youtube.com/watch?v=iI8vAmD6 EZc