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sir, at what point exatly is revenue recognised.
Vostok sells computer games and is the sole distributor of a new game. Customer demand for the new games has resulted in a lot of advance orders pending relase. As at 30 July 2002, Cistik has received deposits 500000 and anticipates he will despatch it customers by 1 december.
What sales revenue can he recginse for the year ended 31st July??
I am confused whether what sales will be recognised out of the 500000 for july?
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