07-21-2011, 11:15 PM
Let me explain the entries.
The mobile expense shown in the current year should be taken out and should have been expensed in the last year. Hence increase last years expenses and decrease this year's expenses.
As at 30 june 2010, the mobile expense should have been included in accruals(current liabilities). Thus, last year's current liabilities will increase by 12,300. In the current year, the liability has been paid, so decrease the RESTATED LIABILITES by 12,300.
The mobile expense shown in the current year should be taken out and should have been expensed in the last year. Hence increase last years expenses and decrease this year's expenses.
As at 30 june 2010, the mobile expense should have been included in accruals(current liabilities). Thus, last year's current liabilities will increase by 12,300. In the current year, the liability has been paid, so decrease the RESTATED LIABILITES by 12,300.
