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Classify each event into adjusting or non-adjusting events

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Question - In relation to Beta Ltd, the following events took place after the 30 June 2022 reporting period end.

Required - Classify each event into adjusting or non-adjusting events. Explain the reason and illustrate the accounting treatment of the events.

a) On 17 July 2022, Beta Ltd's main fishing fleet was sunk during a freak storm. Insurance will cover the replacement of the vessels but lost sales representing $230,000 profits are not covered.

b) On 29 July 2022, Beta Ltd was informed by its largest customer, Contents Ltd. that it was having cash flow difficulties and would struggle to pay its large outstanding account balance with Beta Ltd. No payments had been received from Contents since early June.

Reference no: EM133111501

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