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IFRS 15 – question 4. Venue BPP practice and revision kit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 15 – question 4. Venue BPP practice and revision kit

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  • February 25, 2018 at 3:39 pm #438900
    wildrose375
    Member
    • Topics: 7
    • Replies: 4
    • ☆

    On 1 July 20×4, Venue entered into a contract with Reven for sale of a plant for 500k USD. The contract included a call option that gave Venue the right to repurchase the plant for 550k USD on or before 30 June 20×4
    Discuss how the transaction would affec the FS at 31 July 20×4.

    Can you please state all the accounting entries that would be valid in this case?

    Thank you,

    March 4, 2018 at 7:31 pm #440180
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7065
    • ☆☆☆☆☆

    Hi,

    I think it would be better as a learning exercise if you attempted the journal entries first and then I can see if you’re right or wrong. If any are wrong then I can correct the mistakes made.

    Thanks

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