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On 10 March 2018, EL received confirmation that one of the customers, ML, had been ruled bankruptcy by the court. The directors of EL expected that only 15% of the amount due from ML would be recovered upon the completion of the bankruptcy process. ML owed EL $500,000 as at 31 Dec 2017. There were no more transactions with ML in 2018. No provision had been provided for this bankruptcy before the directors' review of the financial statements.
Advise the EL's management the appropriate accounting treatments in the financial statements of EL and compute the increase or decrease in the profit of EL for the year ended 31 Dec 2017 for the following events.
(b) Bankruptcy of customers
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
This report is specific for a core understanding for Financial Accounting and its relevant factors.
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