In the financial year ended June 2020, Woolworths Limited's Shareholders Equity was $M 9,032, yet one year later it was $M 1,739. Explain clearly the reasons for this fall in Equity. 

The Punjab Warriors Hockey club has won the premiership for the past five years. Explain whether the players would be regarded as an Asset of the club to be recognized on the Statement of Financial Position. Use the definition and recognition principle within the Conceptual Framework to fully explain your answer.

Answer rating: 100% (QA)

Answer Explanation i The COVID19 pandemic had a substantial effect on the amount of revenue and profit that Woolworths generated ii The companys decision to write down the value of some of its assets ... View the full answer