ABC Ltd provides a bundled service offering to Customer XYZ. It charges Customer XYZ $36 000 for
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Question:
Customer XYZ pays the $36 000 upfront, on 1 July 2021. ABC Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:
Access fee 12 000
Troubleshooting 26 000
The end of ABC Ltd's reporting period is 30 June.
Required
Prepare the journal entries to record this transaction in accordance with AASB 15/IFS 15 for the year ended 30 June 2022, assuming ABC Ltd applies the relative fair value approach. Show all workings.
Related Book For
Transportation A Global Supply Chain Perspective
ISBN: 9781337406642
9th Edition
Authors: Robert A. Novack, Brian Gibson, Yoshinori Suzuki, John J. Coyle
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