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Revenue - transaction price - ACCA Financial Reporting (FR)

13 Comments

  1. fakhraldeen
    how to get 0.863
  2. Le
    1/(1.05)^3
  3. S le
    1362
  4. Driedmango
    Yup! your wrong!
  5. jijo
    "Nothing in life is free.."
    Me passing ACCA papers thanks to the free lectures and notes- *confused opentuition noises*
  6. Bristi
    The exam fees looking at you ?????
  7. Ali Sarwar
    1362 XDXDXD
  8. Anna
    Hello,

    Will the income of $8638 appear on the debit side of Income accrued a/c (immidiately) and interest income on the Interest receivable a/c (gradually) on SFP and will both stay there untill the customer pays what he owes in 3-years time?

    Thank you!
  9. PartyKat
    Hi!

    I see entries as:
    Dr Loan to customer (SFP) $8,638
    Cr Revenue (SPL) $8,638

    Then each year (let's say car was sold on Jan 1) we accrue finance component, it would be:
    Dr Loan to customer (SFP) $457 (=$1,372/3, over contract term)
    Cr Interest income (SPL) $457

    When customer pays:
    Dr Bank
    Cr Loan to customer
  10. Chladny
    Thank you!
  11. folerence
    5% is 0.05 so add 1=1.05.Then there is a sign that looks like a v facing down on your cal.Now type 1.05 on your cal then press that sign then 3 it will give you 1.157625.Now divide 10000 with the ans.
  12. Ciara Smyth
    Hi Sir,

    The lectures are great, thanks so much for providing them.

    Would it be possible for you to tell me the calculator procedure for the below;

    10,000/(1.05)3

    I have searched and searched me MA notes and for the life of me I cannot remember howto do this. I presume we will not be given the tables for this exam and it has come up twice already in this topic.

    Kind regards,

    Ciara
  13. nomalangadube
    its not 10000/(1.05)3 but its 1/(1.05)3 which is 0.863838 then multiply this by 10000 you then get $8638. I know its late but I believe others might be in the same predicament as well.

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