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Sakae Holdings Financial Statement FY 2018 Provide all the necessary journal entries for the FY 2018 starting from the date of the commodities sales transactions,
Sakae Holdings Financial Statement FY 2018
Provide all the necessary journal entries for the FY 2018 starting from the date of the commodities sales transactions, the adjustment made for their subsequent reversal and for inventory obsolescence and explain the net effect.
Basis for Qualified Opinion (cont'd) As disclosed in Note 2(ii) to the financial statements, the Group reversed certain commodities sales transactions ("Transactions") amounting to $5,930,000 and related receivables from its books and the Group made a provision of $5,695,000 in the inventory related to this transaction. There were no appropriate procedures that we can design and perform to obtain sufficient appropriate audit evidence to evaluate the nature and veracity of the Transaction and whether the reversal of the sales and related recognition of inventory provision are appropriate as well as the related disclosure in the Group's financial statements
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