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QUESTION 1 (16 marks) Answer this question in the space provided below. Part A (8...

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Accounting

QUESTION 1 (16 marks) Answer this question in the space provided below. Part A (8 marks) The following information is given in relation to the financial statements of Jaya Ltd for the year ended 30 June 2021. Each of these events is to be treated independently. Under its new Enterprise Agreement signed with the trade union on the 1 February 2021, Jaya Ltd is to provide all employees employed on a permanent basis with an additional 15 days long service leave for every 10 complete years served. As a result of its manufacturing operations, the company contaminated the local wetlands adjacent to its plant based in Bundaberg. There is no legal obligation to clean up the wetlands, but Jaya Ltd has a long record of cleaning up land that it has contaminated.

Required: In relation to each of the scenarios above, explain whether a liability, provision, contingent liability, or none of these exists as at 30 June 2021. Give reasons for your answers.

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