How should we account for the damages financial year ended, Financial Accounting

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How should we account for the damages financial year ended

Problem

A court case, that has been ongoing for 6 months, was finalised on 23 July 2022. It related to Caddiback Limited using a manufacturing method that was patented by another golf club producer relating to a new putter. Caddiback Limited was required to pay damages of $1,200,000 to the other producer. An estimate of $1,000,000 was previously provided by our lawyer in relation to this. How should we account for the damages this financial year ended 30 June 2023?

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Financial Accounting: How should we account for the damages financial year ended

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Financial Accounting: How should we account for the damages financial year ended

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