Homework Answers
Calculation of Expected value of Variable considaration
Sale Value = 635000
Less : Discount (635000*3%*30%) = 5715
b. Sales to be repoted in the books i.e. Net Expected value of Sales Considaration = 629285
a. Journal Entries for recording of sales transaction
| Particular | Debit | Credit |
| Monochrome Inc Dr | 629285 | |
| To Sales | 629285 |
On receipt of Sales Considaration
| Bank Account Dr | 635000 | |
| Monochrome Inc Cr | 629285 | |
| Interest | 5715 |
b.
a. Journal Entries for recording of sales transaction
| Particular | Debit | Credit |
| Monochrome Inc Dr | 629285 | |
| To Sales | 629285 |
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