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IFRS 15 ledger entries

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › IFRS 15 ledger entries

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • March 3, 2021 at 11:09 am #613000
    douglasnyangara
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    Hello sir,
    In your lecture of IFRS 15 Revenue from contracts with customers, in the scenario you gave for the contract with Rodger, i have a question.
    You explained we recognize the revenue associated with the handset which was 214 immediately and then we recognize an equal amount in installments there after. My question is, assuming the 214 is the revenue that i will credit in my ledger entries ,what do i debit given the customer has actually paid only 50 as per the question?

    March 3, 2021 at 1:57 pm #613031
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    The ledger entries are not asked for in the exam.

    However, the entry for the cash received from the customer during the year is Dr Cash Cr Receivables.
    At the end of the year, the amount of revenue to be recognised is Dr Receivables Cr Sales

    The balance at the end of the year will be shown in the SOFP as either a current asset or a current liability.

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