Aqua gym ltd is boutique gym chai that operates in Sydney area. Aqua gym offers an annual
Question:
Aqua gym ltd is boutique gym chai that operates in Sydney area. Aqua gym offers an annual membership at a price of $12,000.
After costumers pays an upfront cash payment of the annual membership fee the customer will be entitled to ten(10) swimming lessons per month for 12 months, 10 personal training sessions per month for 12 months and twenty yoga sessions per month for 12 months. the standalone prices of this services are
10 swimming lessons for 12 months-$3600 per person
10 personal training sessions per month for 12 months-$6000 person
20 yoga sessions per month for 12 months-$7200 person
Aqua gym LTD is reporting entity, has adopted AASB15: revenue from contract with costumers and has a 30 June year end
Required:
On 1 July 2022 Lisa purchased an annual membership and paid total up-front membership fee of $12000. The membership fee is non-refundable. Considering AASB15:
explain whether a contract exist between Aqua gym and Lorena. Please give me short answer
Expert Answer:
Under AASB 15 a contract exists when there is an agreement between Aqua Gym Ltd ... View the full answer
