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iv)Refer to Zanaco statement of financial position attached at the end of this question paper to answer the following questions; Assume that ZANACO had the
iv)Refer to Zanaco statement of financial position attached at the end of this question paper to answer the following questions; Assume that ZANACO had the following Expected and incurred losses on loans and advances for 2018 and
2019 | 2018 | |
Expected loss on loans and advances | K15,000 | 12,000 |
Incurred loss on loans and advances | 5,000 | 4,000 |
Included in the impairment charge of K29, 047 for 2019 and impair relief of K16, 876 for 2018 is the impairment amount based on the application of IAS 39 and not IFRS 9. a) Basing on IFRS 9 guidelines, explain how impairment charge should be recorded and show the adjusting journal entry if any
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