Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. The following is the schedule for the completion of the financial statements of Alves Bhd: Financial year ended 31 Dec. 2020 Completion of audit.

1. The following is the schedule for the completion of thefinancial statements of Alves Bhd:

Financial year ended

31 Dec. 2020

Completion of audit.

30 Jan. 2021

Approval of the issue of the FSby the board of directors

15 Feb.2021

Announcement of results &other selected information tothe public.

21 Feb.2021

Audited FS made available toshareholders.

28 Feb.2021

FS adopted by the shareholdersat annual general meeting.

3 Mar.2021

Filing of FS with CompaniesCommission of Malaysia.

5 Mar.2021

Required:

Explain the impact of the following events in the financial statements of Alves Bhd for the year ended 31Dec. 2020 in accordance with MFRS110 Events Afterthe Reporting Period.

b) The company provided RM20,000 in the financial statements for the year ended 31 December 2020 for compensation payable to an employee for breach/breaking of contractual terms pending the result of a court hearing. On 18 January 2021, the court ruled in favour of the employee and ordered the company to pay RM25,000. The company intends to appeal against the judgement.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting An Introduction

Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan

5th Edition

0273733206, 978-0273733201

More Books

Students also viewed these Accounting questions

Question

What is its value of equity on a price per share basis?

Answered: 1 week ago