Accounting

Alexander Ltd contributes to a defined contribution superannuation plan for its employees. At the end of the financial year ending 30 June 2020, Alexander Ltd has outstanding contributions totalling $80 000 to be paid to the defined contribution plan.

The plan’s trustees have informed the management of Alexander that, because of falling asset values and decreasing investment returns, superannuation plan members likely to retire within the next five years will have significantly reduced superannuation benefits.

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The total estimated reduction in benefits is $15 million.

Required

Prepare any general journal entries in the books of Alexander Ltd for the period ended

30 June 2020 to record these events in accordance with the requirements of AASB 119.

Provide any necessary explanation(s) to support your answer. (LO10)

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