Professional Documents
Culture Documents
Test Group No.2 - Ias 16 Ifrs 15
Test Group No.2 - Ias 16 Ifrs 15
Case study 2:
In the 01 July 2016, Samsung Ltd acquired the equipment A by $1,502,000.
Estimated useful life is 10 years, estimated residual value is $2,000. Company uses
straight-line method for depreciation. From 2019, Samsung Ltd measure the
equipment by the revaluation model. At 30 June 2019, equipment A was revalued
to $ 1,400,000. After one year, at 30 June 2020, equipment A was revalued to
$1,000,000. At 30 June 2021, equipment A was revalued to $1,500,000.
Required:
Prepare the journal entries from 01 July 2016 to 30 June 2021. (using both method
for revaluation)
Case study 3:
Taplop supplies laptop computers to large businesses. On 1 July 20X5, Taplop
entered into a contract with TrillCo, under which TrillCo was to purchase laptops
at $730 per unit. The contract states that if TrillCo purchases more than 630
laptops in a year, the price per unit is reduced retrospectively to $580 per unit.
Taplop's year end is 30 June.
(a) As at 30 September 20X5, TrillCo had bought 83 laptops from Taplop. Taplop
therefore estimated that TrillCo's purchases would not exceed 630 in the year to 30
June 20X6, and TrillCo would therefore not be entitled to the volume discount.
(b) During the quarter ended 31 December 20X5, TrillCo expanded rapidly as a
result of a substantial acquisition, and purchased an additional 380 laptops from
Taplop. Taplop then estimated that TrillCo's purchases would exceed the threshold
for the volume discount in the year to 30 June 20X6.
We need to apply the principles of IFRS 15 Revenue from contracts with
customers.
Required:
1. What is The revenue Taplop would recognise in quarter ended 30 September
20X5?
2. What is The revenue Taplop would recognise in quarter ended 31 December
20X5?