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Revenue recognition

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Revenue recognition

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • October 14, 2019 at 11:20 am #549418
    riavaleria65
    Member
    • Topics: 4
    • Replies: 0
    • ☆

    Could you please assist with this one
    Rhompson Pvt Ltd is a retailer of electrical goods. The following transactions took place during the year ended 30June 2018.
    1. Income from repair services 375 000
    2. Sale of equipment 260 000
    3. Royalties received in cash (total receivable $14 000) 11 800
    4. Installation fees received 350 000
    This amount includes:
    1) $4 500 in respect of an installation arrear was not yet been undertaken.
    11)$8 400 for an installation which was not satisfactorily done. This work will to be done again.
    5. Sale of equipment by Rhompson on behalf of another company. Rhompson receives a commission of 15% on all consignment sales. 324 800
    6. Maintenance contract fees received during the year 550 000
    This amount includes pre-paid fees as follows
    i) 1 July 2017 $53 200
    ii) 30 June 2018 $66 200

    7. Course fees received for training technicians from other companies. The course will be run from 1 June to 30 September 2018 42760. $9 400 is still outstanding and is expected to be received on August 2.

    Required
    i) calculate the amount of revenue which should be recognized by Rhompson(Pvt) Ltd for the year ended 30 June 2018

    October 18, 2019 at 4:31 pm #550108
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6460
    • ☆☆☆☆☆

    Hi,

    I don’t just answer full questions for students. I prefer it if they attempt it first and then ask on specific areas that the do not understand. If you can please let me know exactly where it is that you are struggling then I can let you know.

    Thanks

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    Posts
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