In accordance with MFRS 124, state TWO (2) reasons why it is important to disclose related...

 

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In accordance with MFRS 124, state TWO (2) reasons why it is important to disclose related party transactions. (c) (4 marks) (d) is on 30 November 2020. On 2 December 2020, a young couple paid RM20,000 as booking fee for a wedding lunch to be held on 14 December 2020. No accounting records have been made for this deposit. Amy Berhad renders hotel services in Malaysia. The company's financial year end Required: State with reason(s) whether revenue or gain can be recognised on 30 November 2020. If yes, provide the journal entries according to MFRS 15 Revenue. (4 marks) [Total: 25 Marks] In accordance with MFRS 124, state TWO (2) reasons why it is important to disclose related party transactions. (c) (4 marks) (d) is on 30 November 2020. On 2 December 2020, a young couple paid RM20,000 as booking fee for a wedding lunch to be held on 14 December 2020. No accounting records have been made for this deposit. Amy Berhad renders hotel services in Malaysia. The company's financial year end Required: State with reason(s) whether revenue or gain can be recognised on 30 November 2020. If yes, provide the journal entries according to MFRS 15 Revenue. (4 marks) [Total: 25 Marks]

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C Answer A related party transaction is a transfer of resources services or obligations between a re... View the full answer