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How this matter will be dealt in the financial statements

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Q1- After the year end and before the financial statements were authorised for issue, the directors announced their proposal to pay a final dividend of £75,000 for the year. This has not been recognised in the financial statements. Explain how this event will be dealt in the financial statements.

Q2- An employee was dismissed in August. The former employee started legal proceedings for unfair dismissal in October 20X6. The lawyers advise that Sunny Ltd will probably lose the case and think that a reliable estimate of damages that will be awarded against the company is £20,000. Explain how this matter will be dealt in the financial statements.

Reference no: EM133073666

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