TTL sold 50,000 laser-projection, virtual keyboards to Mega Mart. Mega Mart paid TTL in cash upfront. The keyboards were sold for $30 each, and include a one-year warranty. The warranty is to be serviced by TTL, and not Mega Mart. Considering that the product is relying on relatively new technology, TTL estimates that approximately 5% of all keyboards will require some work. Management has estimated that the average cost per warranty claim will be $15. No claims have been made during the current fiscal year.

 Prepare Journal entries for the following transaction compliant under IFRS and discuss the proper accounting treatment 

Answer rating: 100% (QA)

Cash Bank account Dr 1500000 To Sales 1500000 Being ... View the full answer