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Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Revenue
Anyone, please assist is the revenue to be recognized in 2018 R35000 in the following scenario…
Ipfi and his fiancé, Wandeme have decided to start up their small brewery company after obtaining their license to sell and sell liquor to local customers around their home place. On 1 October 2018, they signed a contract with South African Golden Brewers hereafter (SAGB) to deliver liquor to them at a total cost of R35 000. 20% deposit is payable upon signing the contract and the balance of the amount is payable upon the delivery of the products. On 10 November 2018 SAGB delivered the liquor. Ipfi and Wandeme deposited the balance on the same day the liquor was delivered.