Question: Adani plc sells goods to Geo Company for 11 000 on
Adani plc sells goods to Geo Company for £11,000 on January 2, 2010, with payment due in 12 months. The fair value of the goods at the date of sale is £10,000. Prepare the journal entry to record this transaction on January 2, 2010. How much total revenue should be recognized on this sale in 2010?
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