Explain accounting processing that needs to be done by comel, Accounting Basics

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Explain accounting processing that needs to be done by comel

Problem

On August 3, 2022, an employee of Comel Sdn. Bhd. was injured by being hit by a package of pet food due to his own negligence. The employee has sued the company for RM 800,000. The company's lawyers believe that the chances of the company losing this claim are small. The estimated settlement of claims amounts to between RM250,000 to RM500,000.

Task

Explain the accounting processing that needs to be done by Comel Berhad in relation to this lawsuit.

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Accounting Basics: Explain accounting processing that needs to be done by comel

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Accounting Basics: Explain accounting processing that needs to be done by comel

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