Question: Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties.On 1 July 2020, Bina Jaya sold a

Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties.On 1 July 2020, Bina Jaya sold a piece of land in Bandar Ainsdale for RM3,000,000 to Lagoona Bhd.The directors were keen on purchasing back the land from Lagoona, and 3 months later, the land was purchased with the amount of RM3,700,000.

Q1) Discuss the accounting treatment for the sale and purchase of land by Bina Jaya in accordance with the provisions contained in IFRS 15, Revenue from contracts with Customers ?

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!

Please Help! I've got this due on saturday. Please read the instructions carefully. A new client of yours, Katie Perez wants to open an ice cream shop near the downtown shopping center. She will...

Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties. On 1 July 2020, Bina Jaya sold a piece of land in Bandar Ainsdale for...

Question 1 Bina Joya Bhd is a property development company, whose main business is revolved around buying and selling properties. On 1 July 2020, Bina Jaya sold a piece of land in Bandar Ainsdale for...

Based on your selected annual report: Compute all necessary ratios (10 marks)Discuss all relevant ratios affecting the overall performance of the business (10 marks)Decide as to whether you would...

Specific subject : Taxation MYS - ACCA Section B - ALL SIX questions are compulsory and MUST be attempted QUESTION 1 (a) Star Sdn Bhd (SSB), a newly incorporated resident company involved in...

Can someone help me answer what the critical factors for Beyond Meat and the other makers of plant-based meat substitutes are? oing into 2020, Beyond Meat, a producer March 31, 2020, the company's...

Please answer this question: Are plant-based meat substitute products just a fad? Also, how likely is it that a large percentage of the worlds population will switch from eating animal meats to...

Can someone help me answer what the critical factors for Beyond Meat and the other makers of plant-based meat substitutes are? oing into 2020, Beyond Meat, a producer March 31, 2020, the company's...

Hi, I need help solving this question about the case study below. Can anyone help me out? Question: What would you assess as the fundamental strength of the competitive forces that Beyond Meat faces?...

Can someone help me do a SWOT analysis while explaining what it reveals about the overall attractiveness of Beyond Meats position in 2020? Also, What are the critical elements of Beyond Meats...

Consider the signal x(n) = anu(n), |a|

Givens Graphics Company, Inc., was organized on January 1, 2011, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the accounts on the shown below. Analysis...

7. Th e following sorites are taken from Lewis Carrolls Symbolic Logic. All are valid. Rewrite each sorites in standard form, using letters to represent the terms and reducing the number of terms...

i need help for this Current Attempt in Progress On November 1. 2022, the account balances of Sheridan Eonipenent Repair were as follows During Noventiber, the following summary trassactions were...