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The following matters have been noted during the course of the audit of the draft financial statements of Clay Bhd. for the year ended 30 June 2020, which are to be placed before the board of directors for approval on 30 August 2020:
(1) Trade receivables as at June 30, 2020 included a debt of RM50,000 from Sicly Bhd. which was declared insolvent on 15 August 2020 after struggling for many months to survive the lockdown caused by the COVID-19 pandemic in March 2020.
(2) Despite the slowdown in the overall economic situation in the current year, the company recorded an increase in profits for the financial year ended 30 June 2020. As such, the directors have decided to declare a dividend of 50 cents per share on 10 August 2020.
(3) On 15 July 2020, an amount of inventories with a value of RM500,000 were stolen from the warehouse. These inventories were included in Clay's inventories as at 30 June 2020.
Required:
Problem 1: Explain the accounting treatment for each of the above events/transactions in accordance with IAS 10 Events After the Reporting Period for the year ended 30 June 2020.
Financial Statement Analysis and Preparation
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