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Journal entryIntermediateVariant — group VG.IAS37.000004Published

Question · Contingent assets

Since 20X3, Delmara has been suing a former competitor for compensation; until now, the asset was only disclosed in the notes. On 15 November 20X5, a final decision, with no possible appeal, orders the competitor, which is fully solvent, to pay 240,000, payable in February 20X6. Record the entry at 31 December 20X5.

Compensation awarded
240,000
Your answer
  1. Line 1

    Account Receivable from the competitor

  2. Line 2

    Account Other income

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