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Journal entryIntermediateVariant — group VG.IAS37.000001Published

Question · The three recognition conditions

In October 20X5, Vérandis's plant discharged effluent into a river above the limits allowed by law. The authority has opened proceedings; at the reporting date of 31 December 20X5, a fine is probable and its best estimate, based on the statutory scale, is 132,500. Record the year-end entry.

Best estimate of the fine
132,500
Your answer
  1. Line 1

    Account Provision expense

  2. Line 2

    Account Provision for fine

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