TCH + CC's accounting incompetence exposed by professionals

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An honorable member of the Coffee Shop Has Just Posted the Following:

“I am surprised to learn that both DPM Teo Chee Hean and Charles Chong persisted with the line of attack,” she said, referring to the two PAP men’s allegations about the WP-run PETC.

Ms Lim said, “My question to the DPM and his team, was your Income & Expenditure Statement prepared based on acceptable accounting standards? If the answer is yes, then the figure of $282,009 for Punggol East SMC’s accumulated deficits that was printed on the page shown by Low Thia Khiang has to be the right figure!”

As for the $22.5m figure, Ms Lim pointed out that “the cash of $22.5 million was the amount for Sinking Fund” and had nothing to do with the accounts for Income and expenditure!

In brief, Mr Teo was throwing a red herring to mislead everyone.

Ms Lim also took Mr Zainal’s claims to task.

“Since Zainal Sapari said that the amount of $303,372 was claimable and had been SECURED, then proper accounting practice would have required the figure to be recorded in the Income & Expenditure Statement to reduce the deficit for the year, and hence reduce the accumulated deficits! Why was that not done?”

She said that the accumulated deficit of $282,009 as shown in the Income & Expenditure Statement produced by Low Thia Khiang has to be the right figure.

Teo
Teo
“It is obvious to me and many others that this case is just another attempt by the PAP to politically frame up the WP!”

Read Ms Lim’s Facebook note here...http://www.theonlinecitizen.com/2015...ing-dishonest/


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