Priyacom sold a mobile phone package where the mobile phone comes with network services for RM150...

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Priyacom sold a mobile phone package where the mobile phone comes with network services for RM150 a month, which is contracted for 2 years to customer A. Should the mobile phone is purchased at ordinary shop, it cost RM1,200 and the network services could be sold for RM110 per month. Assume Priyacom sold the package on 1 February 2018 and the year end is December 2018. Required Explain how this transaction should be accounted for in Priyacom's financial statements for the year ended 31 December 2018, Priyacom sold a mobile phone package where the mobile phone comes with network services for RM150 a month, which is contracted for 2 years to customer A. Should the mobile phone is purchased at ordinary shop, it cost RM1,200 and the network services could be sold for RM110 per month. Assume Priyacom sold the package on 1 February 2018 and the year end is December 2018. Required Explain how this transaction should be accounted for in Priyacom's financial statements for the year ended 31 December 2018,

Answer rating: 100% (QA)

To account for the transaction involving the sale of a mobile phone package by Priyacom for the year ... View the full answer