#20 Chryzza company carried a provision of P4,000,000 in its draft financial statements for the year ended December 31, 2018 in relation to an unresolved court case. On January 31, 2019, when the financial statements for the year ended December 31, 2018 had not yet been authorized for issue, the case was settled and the court decided the final total damages payable by Carlo to be P6,000,000. What amount should be adjusted on December 31, 2018 in relation to this event? PLS provide solution and explanation for the answer above Philippines Accounting standard

#20 Chryzza company carried a provision of P4,000,000 in its draft financial statements for the year ended December 31, 2018 in relation to an unresolved court case. On January 31, 2019, when the financial statements for the year ended December 31, 2018 had not yet been authorized for issue, the case was settled and the court decided the final total damages payable by Carlo to be P6,000,000. What amount should be adjusted on December 31, 2018 in relation to this event? PLS provide solution and explanation for the answer above Philippines Accounting standard

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 43P

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