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Ruby Bhd has been sued by its supplier due to breach of contract. Discuss whether...

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Accounting

Ruby Bhd has been sued by its supplier due to breach of contract. Discuss whether a liability can be recognized assuming that: a) It is probable that Ruby Bhd would be liable for RM500,000 as a result of lawsuit; (2 marks) b) It is not probable that Ruby Bhd would be liable for RM500,000. (2 marks) c) It is probable that Ruby Bhd would be liable, however the legal advisors could not estimate the liability amount reliably.

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