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Question 1 of 2
1. Question
On 25 June 20×9 Cambridge Co received an order from a new customer, Circus Co.
for products with a sales value of P900,000. Circus Co enclosed a deposit with the order of P90,000.
On 30 June 20×9 Cambridge Co had not completed credit checks on Circus Co and had not dispatched any goods. Cambridge Co is considering the following possible entries for this transaction in its financial statements for the year ended 30 June 20×9.
- Create a trade receivable for P810,000.
- Include P90,000 in revenue for the year.
- Recognize P90,000 as a contract liability.
- Include P900,000 in revenue for the year.
- Do not include anything in revenue for the year
According to PFRS 15 Revenue from Contracts with Customers, how should Cambridge Co record this transaction in its financial statements for the year ended 30 June 20×9?
CorrectIncorrect -
Question 2 of 2
2. Question
On 25 June 20×9 Cambridge Co received an order from a new customer, Circus Co for products with a sales value of P900,000. Circus Co enclosed a deposit with the order of P90,000.
On 30 June 20×9 Cambridge Co had not completed credit checks on Circus Co and had not despatched any goods. Cambridge Co is considering the following possible entries for this transaction in its financial statements for the year ended 30 June 20×9.
- Create a trade receivable for P810,000.
- Include P90,000 in revenue for the year.
- Recognize P90,000 as a contract liability.
- Include P900,000 in revenue for the year.
- Do not include anything in revenue for the year
According to IFRS 15 Revenue from Contracts with Customers, how should Cambridge Co record this transaction in its financial statements for the year ended 30 June 20×9?
CorrectIncorrect