Showing lawsuit on financials

Question

Apr 25, 2007, 04:13 AM

cuinheaven

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Join Date: Apr 2007

Posts: 2

Showing lawsuit on financials

I am in a solid position to win a major lawsuit. I would like to show this deferred asset on the financial statements, however, I'm stumped as to where to put it on the debit side. The purpose is to strengthen the position of the company on the financial statement.

Answers

Apr 25, 2007, 12:15 PM	#2

CaptainForest Finance & Accounting Expert Join Date: Nov 2005 Location: Canada Posts: 3,672	Debit some sort of Receivable account. Perhaps Lawsuit Receivable If you were going to lose, you would: Dr. Loss Cr. AP So now that you will win you will: Dr. AR Cr. Gain

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