Reporting Date - 31December 2017

Authorization Date - 1 April 2018

On 12 November 2017, a former employee filed a lawsuit against Berjaya Berhad for insufficient action taken by company to ensure safety working condition for production staff causing an accident and asking for damages of RM500,000. On 31 December 2017, Berjaya Berhad's attorney indicated that the likelihood of losing the lawsuit was possible but not probable. On 5 March 2018, Berjaya Berhad agreed to pay the former employee an amount of RM75.000 in return for withdrawing the lawsuit On 15 March 2018, one of the debtors who owed Berjaya Berhad an amount of RM800,000 has been declared bankrupt. The debt is most likely to be irrecoverable, as the financial standing of the debtor is extremely weak. Berjaya Berhad has provided for doubtful debts amounting to 10% on this account as required by the company's policy. On 2 March 2018, one of Berjaya Berhad's factories was destroyed in a fire. The factory was not insured sufficiently and the loss suffered by the company was estimated to be RM600,000 Identify and discuss the appropriate accounting treatment for the above situations accordance with MFRS110 Events after the Reporting Period. Prepare an necessary journal entries and/or disclosures required