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Dear sir please help me to explain question 88 of revision BPP.It regards to recognition of revenue of newmarket co.Sorry I can not type the question here since it is too long. I do not know why the answer deduct 800*2*130% from revenue, although I understand that revenue should not recognize for service not completed as of 31 Dec 20X9.Does the figure 8ml of consignment means?Thank you
Hi,
I’ve not got the revision kt with me currently, sorry. I think the deduction is the mark up on the cost of providing the service for the two years of the contract. You need to then deduct this from the total revenue in the contract so that you can calculate the amount to be recognised for the sale of goods.
Thanks
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