As the chief accountant of DESA BHD, you need to provide the explanation of how...
70.2K
Verified Solution
Link Copied!
Question
Accounting
As the chief accountant of DESA BHD, you need to provide the explanation of how you are going to account for these events and the required disclosure in the financial statement in accordance to FRS 137. DESA BHD is listed company engaged in providing brokerage services in Kuala Lumpur and Bangkok. The External Auditor has raised several issues that need to be addressed by DESA BHD.
Q: DESA BHD has taken loan from a local bank of RM800,000 using its investment in shares as collateral. Due to heavy losses, DESA BHD has made a default in payment of interest and principal repayment. The bank has transferred the shares and have filed suit for recovery of the balance amount. DESA has not derecognized the investments and loan stands at the original value of RM800,000.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.