Company R is a company with total loss of RM20,000 in the * current year. The...

 

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Company R is a company with total loss of RM20,000 in the * current year. The Company was making a profit of RM150,000 in the previous year. The Company is a clothing retail company and the loss was mainly caused by Covid lockdown. What would be the materiality amount? And why? Your answer Company P promised to sell 10 units of solar panes to Company Q in a sales negotiation. However, in the end, Company Q raised a PO to purchase 5 units from P at a price of RM5,000 per unit. Company P replied to the PO that they are willing to sell at RM4,800 per unit for 10 units. How should Company P recognise the revenue in this kind of circumstance? Your answer Company Y purchases 100 cartons of milk powder as trading goods from Company Z. Company Z charges Company Y shipment fees, warehouse storage fees and custom clearance fees. How should Company Y treat these extra costs? Your answer Company Y subsequently unable to sell all 100 cartons and * 20 cartons have expired, what should Company Y do? Company R is a company with total loss of RM20,000 in the * current year. The Company was making a profit of RM150,000 in the previous year. The Company is a clothing retail company and the loss was mainly caused by Covid lockdown. What would be the materiality amount? And why? Your answer Company P promised to sell 10 units of solar panes to Company Q in a sales negotiation. However, in the end, Company Q raised a PO to purchase 5 units from P at a price of RM5,000 per unit. Company P replied to the PO that they are willing to sell at RM4,800 per unit for 10 units. How should Company P recognise the revenue in this kind of circumstance? Your answer Company Y purchases 100 cartons of milk powder as trading goods from Company Z. Company Z charges Company Y shipment fees, warehouse storage fees and custom clearance fees. How should Company Y treat these extra costs? Your answer Company Y subsequently unable to sell all 100 cartons and * 20 cartons have expired, what should Company Y do?