Kenston Ltd prepares financial statements to 30 April each year. At 30 April 2018, the company is
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Kenston Ltd prepares financial statements to 30 April each year. At 30 April 2018, the company is being sued by a customer who claims to have been harmed by one of the company's products. The case will come before the courts in late 2018. Explain how this matter should be dealt with in the financial statements for the year to 30 April 2018 if:
(a) The company's lawyers advise that the company will probably be found liable.
(b) The company's lawyers advise that the company will probably not be found liable.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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a The company lawyers advise that the company will probably be found liable In th...View the full answer
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Related Book For 
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
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