Standard for Oil and Gas Layout for blocks, equipments and facilites
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Descripción: Revista italiana de origami
Revista italiana de origami
technical analysis
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Origami
Origami
accounting chpt 1
FRS 118 Revenue Revenue
Chapter 19
1 a.
b. c. d. e. f. g. h. i. . k. l. m.
n. o. p. . r. s. t.
u. v. w
Recogni Recognised sed reve revenue nue on on 20 sets sets when when risks risks and rewa rewards rds are transf transferr erred ed and and make make a provision for warranty based on the number of sets sold. 20 sets x10% x500 R!1"000. Recognise R!2"000 on the sale of the policy. #an recog recognis nisee revenu revenuee of R!2" R!2"000 000 when when the the goods goods are are tran transfe sferre rred d to the the custo customer mer.. $he balance of R!1"200 is receivable. ntere nterest st for for x& x& is R!20"0 R!20"000 00 x &% &% x10'1 x10'12 2 R!1" R!1"000. 000. ntere nterest st to to be reco recogni gnised sed in x( is 1"200 x 2'12 R!1"000. R!)&0 R!)&0 rec recei eive ved d is to be spre spread ad over over 2* mont months hs i.e. i.e. R!*0 R!*0 per per mont month h beginn beginnin ing g +pril x&. Revenue to be recognised is R!*0 x ) R!,&0. Reven Revenue ue to to be reco recogni gnise sed d in in x( when when the the conce concert rt is stage staged. d. R!25"00 R!25"000 0 spread spread over over five five mont months hs begin beginnin ning g -ctobe -ctober. r. Revenu Revenuee for for x& is is 25"000 25"000'5 '5 x , R!15"000. R!500 is renta ntal incom ncomee. Reven Revenue ue to be rec recog ogni nise sed d on fulfi fulfilm lment ent of of contr contrac actt i.e. i.e. make make full full paym payment ent and and the the goods are given to the customer. Revenue to be recognised on delivery of flowers. Reve Revenu nuee to to be be rec recog ogni nise sed d in in /eb /ebru ruar ary y x(. x(. Recog Recogni nise se R!2. R!2.5 5 mil milli lion on for for the the five five conce concert rtss sta stage ged. d. !oder !odern n shoes shoes can recog recogni nise se reven revenue ue on sales sales of ,0% of the the R!500" R!500"00 000 0 and has incurred expenses of 10% commission of R!15"000. $he unsold stock should appear in the balance sheet of !odern hoes. Revenue Revenue can be recogni recognised sed on delive delivery ry of of good goodss in in /ebru /ebruary ary x( only only.. Reven Revenue ue is rec recogn ognis ised ed base based d on work work done. done. +s &0% &0% work work is comple complete ted" d" acu acues es can recognise R!1.2 million as revenue and R!&00"000 as cost. Royalty income can be recognised on the #3s sold i.e. R!10 x *00"000 R!*million. /or /or 4ra 4rape pes" s" it it is not not sal sales es but but bor borro rowi wing ng.. Recogni Recognise se reven revenue ue rela related ted to the the four four issues issues only" only" R!*" R!*"000 000 x *'12 *'12 R!1",, R!1",,,. ,. Revenue Revenue can be reco recogni gnised sed after after the instal installat lation ion is complet completed ed i.e. i.e. in x(. x(. Revenue Revenue is recogni recognised sed based based on on work work done. done. -ne -ne meth method od is is to to deter determi mine ne perce percenta ntage ge of work done based on cost to date bear to total estimated cost. n this case" can recognise revenue of 2.'( x R!10 million R!* million. R!*0"00 R!*0"000 0 can only only be recog recognis nised ed on delive delivery ry of the perf perfume ume in /ebr /ebruar uary y x(. x(. 6owever" can recognise revenue of R!&0"000 on sale of perfume to Ruby 6otel. 7o sales sales reve revenue nue to to be recog recognis nised ed until until the conce concert rt is is held. held. +mount +mount recei received ved is is a liability as at end of x) and cost incurred is prepaid expenses. $his $his is a long8 long8ter term m contr contract act and reve revenue nue is is recogn recognise ised d based based on percen percentag tagee of work work done. n this case R! million cost of the estimated total cost of R!20 million was incurred to date. $herefore revenue recognised for the year can be based on cost incurred bear to total estimated cost which is '20 *0%. Revenue of *0% x R!25 million of R!10 million can be recognised. #ost to be recognised is R! million. $herefore gross profit for the period is R!2 million.
FRS for Malaysia Malaysia 3rd ed ed
&(
Lazar & Huang
FRS 118 Revenue Revenue
x
t is not sale but a borrowing of R!10 million.
2 Revenue can be recognised when the services are provided" that is when the tour is completed. ,9a: i. Recognise Recognise revenue revenue when services services are provided. provided. 3eposit 3eposit is is treate treated d as liability liability till services are provided. ii. Recogni Recognise se reven revenue ue and and cost cost based based on perce percenta ntage ge of comple completio tion n method. method. iii. iii. Revenue Revenue is is recogn recognise ised d based based on the the games games playe played d during during the the year. year. iv. Registr Registrati ation on fees to be recogni recognised sed immed immediat iately ely"" refund refundabl ablee deposit deposit is a liabili liability ty and the fees can be recognised as revenue as it becomes payable. v. $he $he fees cha charg rged ed can be allo allocat cated ed over over the aver averag agee perio period d the memb member er will will enoy enoy the club;s facilities. ,9b: i. Reve Revenu nuee of R!&"& R!&"&00 00 can can be recog recogni nise sed d on sale. sale. t is a sale sale and and hold hold trans transac acti tion on where the risks have passed to the customer. ii. ii. !ala !alacc ccaa $rad $rader erss can recogn recognis isee sale when when the custo custome merr takes takes posses possessi sion on of the antiue only. iii. Revenue to be recognised recognised although although full full payment payment is not not made. made. t t is instalment instalment sales. sales. iv. #ommi #ommissi ssion on can be be recogni recognised sed when when the the loan loan arrange arrangemen mentt is fina finali lised sed.. v. Revenue Revenue is is recog recognis nised ed when when the the decor decorati ation on servi services ces are provid provided ed in in !arch !arch x10. x10. . * ales made for the year to ,1 3ecember x ales ales value value of timber timber floori flooring ng fitted fitted in the two months months to 2 /ebrua /ebruary ry x 9not 9not include included d in the R!100 million above:
RM’000 100"000 5"000
105,000
5
FRS for Malaysia Malaysia 3rd ed ed
&
Lazar & Huang
FRS 118 Revenue Revenue
& =#ustomer loyalty programmes; reuire revenue in respect of each separate component of a transaction is measured at its fair value. Revenue for the period will be reduced by the fair value of vouchers issued as part pa rt of a sales transaction. +s only only one one fift fifth h of the the vouch voucher erss will will be redee redeeme med d the the comp company any effe effect ctiv ively ely sold sold R!1"200 R!1"200"000 "000 for a consid considera eratio tion n of R!10 R!10 millio million. n. $he discoun discountt of R!200" R!200"000 000 is allocated allocated between the two elements. elements. ales revenue for the year will be R!10"000"000 R!10"000"000 x 910>10.2: 910>10.2: R!)"0,")21. R!)"0,")21. $he balance of R!1)&"0() R!1)&"0() will be allocated allocated to the vouchers and recognised when the obligations are met.
( #omputer company? Revenue on sale can be recognised on delivery of the computer provided the installation is successful. Revenue of that could be recognised should be R!1"&00 being R!,.&00 less R!2"*00 i.e. internet service charge for 2* months. nternet service provider? $he R!2"*00 R!2"*00 will initia initially lly be recogni recognised sed as deferr deferred ed credit credit and amort amortise ised d over over 2* months and recognised as income as service is provided. $he payment of R!*00 can be charged as expenses when the contractor has provided the services. 3ana? 3ana can recognise the R!*00 on completion of the installation of the internet services.
