Prepare the december entry

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Question - Mr. OSU's company is involved in a law suit as at December 31, 2019.

Required -

i) Prepare the December 31 entry assuming it is probable that Mr. Osu will be liable for Sh. 500,000 as a result of this suit.

ii) Prepare the December 31 entry, if any, assuming that it is not probable that Mr. Osu will be liable for any payment as a result of this suit.

Reference no: EM132621891

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