Honestbee is a company founded in Singapore in 2015. It provided online grocery and food delivery service in markets such as Singapore, Malaysia, Thailand, Taiwan and Japan (to name a few). On 22 July 2019, Honestbee Malaysia, via their Facebook account, announced that they will be suspending their operations. In August 2019, an application for a moratorium was filed at the Singapore High Court and a scheme of arrangement was proposed to their creditors in February 2020. Refer to Honestbee's capital maintenance i.e. shares, assets and borrowing (liabilities). If you were a sharcholder, justify whether you would support Honestbee's plan for company turnaround - Why? (Argue your reasons),
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- Please solve all questions. ABC Sdn. Bhd. Is a mobile phone company that operates a chain of stores in Malviv countries. The company closed on September 30, 2019 and is a new client for Sanusi and associates. Mr. Sammy is the Senior Aud Dieter of Sanusi & Associates and following his meeting with the CFO, the following plan notes were given to an und Partner. ABC buys the goods from a South Asian supplier, and the goods are shipped to the company's central warehouse. The item is usually in transit within one month and the company records the item properly upon receipt. ABC does not make year-end inventory, but monthly continuous (permanent) inventory, and the errors it encounters are fixed in the inventory system for months. During the year, the company introduced sales-based bonuses to its sellers. The bonus target was based on an increase in the number of customers signing a 36-month telephone line contract. It was successful and has seen a 30% increase in revenue, especially…Garcinia Bhd is preparing its financial statements for the year ended 30 September 2014. The following matters are all outstanding at the year end. Garcinia Bhd’s sales director, who was dismissed on 15 September 2014, has lodged a claim for RM 150000 for unfair dismissal. Garcinia Bhd’s legal advisors believe that there is no case to answer and therefore think it is unlikely that this claim will succeed. Garcinia Bhd is facing litigation for damages from a customer for the supply of faulty goods on 1 September 2014. The claim which is for RM 750000 was received on 15 October 2014. Garcinia Bhd’s legal advisors consider that Garcinia Bhd is liable and that it is likely that this claim will succeed. On 25 October 2014, the company sent a counter-claim to its supplier for RM 600000. Garcinia Bhd’s legal advisors are unsure whether or not this claim will succeed. On 15 September 2014, Garcinia Bhd announced in the press that it is to close one of its divisions in January 2015. A detailed…Gravity Services Ltd (GS) is a company set up in Hong Kong providing the region with cloud computingservices like servers, storage, networking and software, to help customers to meet their business challenges. During the year ended 30 September 2020, it enters into two contracts.(i) Data Tab Ltd (DT) enters into a contract with GS for the use of an identified server for three years.GS delivers and installs the server at DT’s premises in accordance with DT’s instructions, and provides repair and maintenance services for the server, as needed, throughout the period of use. GSsubstitutes the server only in the case of malfunction. DT can decide which data to be stored and howto integrate the server to its operation. DT can change its decisions on how to operate the serversthroughout the period of use (a) advise GS whether the contract (i) falls within HKFRS 16 as a lease.
- Determine how the following should be shown in the financial statements the relevant extracts from the financial statements (including the notes) of ChubbyChocs as at 30 June 2015, in compliance with AASB 137 and related International Financial Reporting Standards.The following information is provided.Chubby Chocs was unsuccessful in defending a peanut allergy case .The court award $1,500,00 to the plaintiffs.Chubby Chocs had paid $800,000 at 30 June 2015.2 Chubby Chocs commenced litigation against an advisor for negligent advice about an issue related to a conveyor belt.The court found in favour of Chubby Chocs .The hearing for damages had not yet commenced but Chubby Chocs estimated it would receive about $425,000.Chubby Chocs signed an agreement with Banksweet that it would guarantee the loan by Banksweet to CCC ,a subsidiary of Chubby Chocs for $3,200,000 at 30 June 2015.CCC was in a strong financial position at 30 June 2015 .(a) Determine whether the unpaid amount owing as a…under the FCA term , a Indian customer ordered a batch of electronic watch from Chinese watchmaker, the seller deliver the goods on schedule to Guangzhou Baiyun airport, airlines to harvest and issue the air waybill, the seller notify the buyer payment, but the watch market prices, the buyer said he has not officially receiving, let the seller take back goods, refused to pay. ASK: is buyer's view reasonable?Burda Alatau Press is a publishing house based in Kazakhstan which is selling 28 different magazines on Kazakhstani market of which 24 are purchased directly from its immediate parent company Burda Russia based in Russian Federation. Some clients pay subscription fees in advance for the magazines, others are billed after magazines have been delivered. Advance payments are credited to an account entitled Unearned Subscription Fees. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2015, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2015, but not for December.) Other Data Accrued but unrecorded subscription fees earned at December 31 amount to $9,400. Records show that $7,500 of cash receipts originally recorded as Unearned Subscription Fees had been earned as of December 31. Office supplies on hand at December 31 amount to $320. The company purchased all of its office equipment when it…
- Alpha company is a trading company that purchases and sales fruits and vegetables. During the year 2020, the company shows the following transactions and events: 10) The driver of the company has access to the inventory, he delivers the merchandise, receives the cash and has access to the company books. Required: For each case, identify the anomaly and propose the correct accounting treatment/answer:An entity operates a customer loyalty program granting customers points for every purchase they make with the entity. During 2020, the total number of points actually redeemed equaled that of the total estimated points to be redeemed. The entity, however, still reported a balance for the unearned revenue from points as of yearend 2020. Which of the following would explain this? a. The estimation for redemption was not accurately done. b. There must have been points granted prior to 2020. c. The accountant must have missed this topic in his BAFACR4X class. d. This is natural since not all points granted are redeemed.Guthrie Company receives orders from customers and records revenue at that time, even though it has not yet delivered products or services to the customers. what accounting assumption violate and how it should be done? Because of inflation, Cross Company adjusts its financial statements each year to show the current purchasing power for all items.what accounting assumption violate and how it should be done? David Thomas combines his personal transactions and business transactions when he prepares his company’s financial statements so that he can tell how well he is doing on an “overall” basis.what accounting assumption violate and how it should be done? At the end of each year, Vann Company reports its economic resources on a liquidation basis even though it is likely to operate in the future. what accounting assumption violate and how it should be done?
- Indicate whether they are adjusting and non-adjusting events and how they should be treated according to the standard. Facey Company Ltd.’s financial year ends on 31 December. On 20 December 2019, Facey Company Ltd was involved in a court case with a customer who sued the company for delivering products where there was a dispute over the exact ingredients included in the products manufactured by Facey Company Ltd. These products were delivered to the customer in October 2013. The details of the case were heard by 22 December, but the judge decided to reserve her judgment until 8 January 2020. On 8 January 2020, the judge ruled in favour of the customer, awarding it damages of $100,000.Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $52,500 to Accurite immediately, and in return, Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time, Garrett Corporation can freely remove its records and run the software on its own hardware or that of another accounting services company. In addition to the cost of the agreement, Garrett incurred $8,500 early in the year devising a plan for its accounting software needs, $18,500 for customizing its own computers for integration with Accurite’s software, and $13,500 after the software was implemented to train its employees. Determine the initial amount that Garrett should capitalize related to the software development costs.Sid Berhad year end is 31 December 2020. The accountant of Sid Berhad has asked for your opinion on the accounting treatment of the following items: (iv) Sid Berhad is facing a claim due to a defective product for RM120,000 from a customer. The legal opinion is that the claim will succeed, but Sid will be able to reclaim 80% of the amount from Mentari Sdn Bhd, who supplied the malfunctioned product. Required: Advise Sid Berhad’s accountant on the accounting treatments for all the above- mentioned items. Your answer shall make reference to relevant MFRS Standards.