During 2016 Bad Limited gives a guarantee of certain borrowings of Girls Limited, whose financial condition at

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During 2016 Bad Limited gives a guarantee of certain borrowings of Girls Limited, whose financial condition at that time is sound. During 2017 the financial condition of Girls Limited deteriorates and at 30 June 2017, Girls Limited files for protection from its creditors. Requirement What accounting treatment is required at:

(a) 31 December 2016; and

(b) 31 December 2017?

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