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FR SEPT/DEC Pass year 2018

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › FR SEPT/DEC Pass year 2018

Viewing 2 posts - 1 through 2 (of 2 total)
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  • February 1, 2019 at 7:55 am #503834
    chuajasmine98
    Member
    • Topics: 4
    • Replies: 3
    • ☆

    Hi sir,may I know how to calculate question 32)i) for the working 1 contract
    Revenue 2,700 (80% x $9m = $7·2m. As $4·5m (50%) in X7, X8 = $2·7m)
    COS 1,500 (80% x $5m = $4m. As $2·5m (50%) in X7, X8 = $1·5m)

    I dont understand how to calculate the 4.5m in X7 and X8= 2.7m

    Hopefully Sir can reply me thanks .

    February 2, 2019 at 2:40 pm #503937
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    Yes, the contract was 50% complete at the beginning of the year, so we would have recognised 50% of the revenue and the costs. The total revenue is $9m, so half of this is $4.5m, and half of the total costs of $5m are $2.5 m.

    Hope that clears it up for you.

    Thanks

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