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What adjustment journal entry should be prepared on June

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Question - The Australian Securities and Investments Commission (ASIC) alleged that Portmanteau Bank breached responsible lending laws in April 2018.ASIC commenced civil penalty proceedings in the federal court against Portmanteau Bank. As a result, the bank was sued for $30 million. The Chief Executive Officer (CEO) of the bank was very confident in the bank's lending standards but despite this, in July 2018 he negotiated with ASIC and paid $20 million to settle the case. The company released its annual report for the year ended 30 June 2019 on 30 September 2019.

Required - What adjustment journal entry should be prepared on 30 June in order to comply with the requirements of AASB 110?

Reference no: EM132567909

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