Question: . ABC ltd . has placed an order for a special machine with XYZ ltd . Advance given was Rs . 1 , 1 2

. ABC ltd. has placed an order for a special machine with XYZ ltd. Advance given was Rs.1,12,500 and the price was set as Rs.1,50,000. As per the terms of agreement, it is an FOB (Free on Board) contract. When should the revenue be recognized by XYZ ltd.?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

ABC Plc. decided to operate a new amusement park that will cost GHS1 million to build in the year 2005. Its financial year-end is December 31, 2005. ABC Plc. has applied for a letter of guarantee for...

Q:

What is the objective of financial statements according to the Framework? (a) To provide information about the financial position, performance, and changes in financial position of an entity that is...

Q:

solutions of these problems mention in th ehandouts are required urgently EXERCISE 1 XYZ Company has identified the following overhead activities, costs, and activity drivers for the coming year:...

Q:

PLEASE ANSWER THE QUESTIONS THAT ARE BOLD AND UNDERLINEd! Jerry Kreuze Western Michigan University INTRODUCTION Having a double undergraduate major in Accounting and Integrated Supply Management and...

Q:

I need help answering the questions on page 4 of the case study. thank you, ISSN 1940-204X Ace Fertilizer Company: Ethical Cost Allocations and Price Determination Jerry Kreuze Western Michigan...

Q:

CASE 1 Ann owns a shop selling prints. She placed an advertisement in the Friday edition of her local paper stating: 'Unique opportunity to own an original Bell print for 500 cash. One only...

Q:

1. The following reflects the characteristics of order winners except * A. a refrigerator's performance is comparable to other competing products. B. a unique tasty dish. C. efficient customer...

Q:

Group Two: Second Degree-(Masters of Business Administration Students) Assignment Jimma University College of Business and Economics Department of Management Masters in Business Administration (MBA)...

Q:

just multiple choice and short questions .......................... Wentworth Institute ASSESSMENT COVER SHEET STUDENT SURNAME: UNIT CODE NO: FNSINC601 STUDENT FIRST NAME: UNIT NAME: Apply economic...

Q:

just multiple choice and short questions .......................... Wentworth Institute ASSESSMENT COVER SHEET STUDENT SURNAME: UNIT CODE NO: FNSINC601 STUDENT FIRST NAME: UNIT NAME: Apply economic...

Q:

Criss-Cross has decided that it will need to raise more than $3,000,000 in commercial paper (see Problem 17). Criss-Cross must now raise $5,000,000, and the paper will have a maturity of 182 days. If...

Q:

A conservative force is given to be F= k [(xy+x) + 9xy ] Calculate U.

Q:

The statement of cash flows does not report why cash increased or decreased during the period. True False

Q:

You are considering investing. You decided to create an investment portfolio based on two recent Initial Public Offerings (IPO). You have the following data on Stationery and Supplies Limited (SOS)...