Hi sir, how do we account for free-of-charge items under IFRS 15? I know it's a separate performance obligation but how does the double-entry works?
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IFRS 15
4y ago#1I pay 100 to supermarket for sausages.
I get a discount voucher for 4 free sausages next year.
When I pay the 100 the supermarket will:
Dr Cash 100
Cr Revenue 100/104x100
Cr Contract liability 4/104 x 100
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