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Address a several accounting issues

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Reference no: EM133253990

You have been asked for a Statement of Advice to address a several accounting issues in a letter the below:

  1. The company has a policy of refunding retailers who are dissatisfied with their purchase if the request is made within 14 days. This is a practice of Stumped Limited but is not required by law. This practice is known and frequently utilised by its customers. The directors feel that there is no need to make any accounting entries for this since the refund is not required by law.

 

For question 1:

  1. Is this appropriate? Is this a constructive obligation?
  2. Give a definition of liability and CF
  3. Should a provision be recognised? if so, why?
  4. Journal Entry for this?
  5. Is there a reliable estimate of the amount? if so, answer the amount please!

For all of answers, it would be appreciated if you answer with AASB reference (specific paragraph please

Reference no: EM133253990

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