The statement of financial position of Waterbuck Ltd as at 30 June 2023 includes an asset Debenture
Question:
The statement of financial position of Waterbuck Ltd as at 30 June 2023 includes an asset ‘Debenture money receivable \($500\) 000’ and a liability ‘Debentures \($500\) 000’. Note 12 to the accounts reveals that the issue of the debentures to a private investor was approved by the board of directors on 28 June 2023 but the debenture issue did not take place until 17 July 2023.
Required
Comment on the accounting treatment of the debenture issue in accordance with the requirements of AASB 110/IAS 10.
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The issue of the debentures on 17 July 2023 is a nonadjustin...View the full answer
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Related Book For 
Financial Reporting
ISBN: 9780730396413
4th Edition
Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes
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