Homework Answers
As per revenue recognition principle , revenue should be recognized in the period in which risk and reward associated with ownership of goods is transferred to buyer (whether payment is received or not is irrelevant).
| Sales for cash | 500 |
| Sales on credit | 1000 |
| Acceptance of deposit for goods to be provided in future | 0 (ownership will be transferred in future ,so revenue will be recognized in future .) |
| Payment received in advance last period and goods are transferred | 600 (ownership is transferred) |
| Total revenue | 2100 |
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