Reference no: EM133138642
Question - The end of reporting period of Nuke, Inc is December 31, 20x9 and the financial statements for 2019 are authorized for issue on March 31, 20x0. The following details are as follows:
On December 31, 20x9, Nuke had a receivable of P500,000 from a customer that is due 60 days after the end of reporting period. On January 15, 20x0, a receiver was appointed for the said customer. The receiver informed Nuke that the P500,000 would be paid in full by June 30, 20x0.
Nuke had equity investments held for trading. On December 31, 20x9, these investments were recorded at the fair value of P5,000,000. During the period up to February 15, 20x0, there was a steady decline in the fair value of the shares in the portfolio and on February 15, 20x0, the fair value had fallen to P2,000,000.
Nuke had reported contingent liability on December 31, 20x9 related to court case in which the entity was the defendant. The case was not heard until the first week of February 20x0. On March 1, 20x0, the judge handed down a decision against Nuke. The judge determined that the entity was liable to pay damages and costs totaling P 3,000,000.
On December 31, 20x9 Nuke had receivable from a large customer in the amount of P4,000,000. On March 15, 20x0, Nuke was advised in writing by the liquidator of the said customer that the customer was insolvent and that only 10% of the receivable will be paid on December 31, 20x0.
Required - Journalize the adjustable events of Nuke, Inc. in good form.
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Critically analyse the role of business intelligence
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Journalize the adjustable events of Nuke Inc
: On December 31, 20x9 Nuke had receivable from a large customer in the amount of P4,000,000. Journalize the adjustable events of Nuke Inc
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