Please help me in solving this as per IFRS 1 5 ( 1 5 ( Also calculate
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Please help me in solving this as per IFRS 15(Also calculate annual service revenue with the discount factor) Modern Engineering (ME) entered into a contract for 3−year maintenance services with a manufacturing concern. Same service will be rendered over 3−year period. Contract required 100% upfront fees of Rs.300,000 payable at the time of agreement on January 1,2018. Prevailing market interest rate for ME is 12%. ME prepares its financial statements on 31st December every year.
Required:
All journal entries for above transaction.
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
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