Homework Answers
1. Five step for revenue recognition
Identify the contract with customer
Identify the seperate performance obligation
Determine the transaction price
Allocate the transaction price to perfprmance obligation
Recognise revenue when a performance obligation is satisfied
2 amount of revenue that can be recognised
Only revenue that can recognised under IFRS 15 is sale of soft toys to long term customer
amount of revenue recognised = $40000
3 journal entries
DEBIT RECIEVABLE ACCOUNT $40000
CREDIT SALES ACCOUNT $40000
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system.
1.
On February 2, Marigold placed an order to buy goods for resale
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system.
1.
On February 2, Marigold placed an order to buy goods for resale
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