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Croxley LTD - Question 1.1 (Memo)
Croxley LTD - Question 1.1 (Memo)
a) Transaction price is the amount of consideration to which an entity expects to be entitled (1)
in exchange for transferring goods or services to a customer (1) excluding amounts collected
on behalf of third parties (1).
Debit Credit
1 January 2019
Accounts receivable 405,000 1
Revenue from contracts 405,000 1
31 January 2019
Bank 405,000 1
Accounts receivable 405,000 1
Debit Credit
1 January 2019
Accounts receivable 350,000 1
Revenue from contracts 350,000 1
31 December 2019
Accounts receivable (350,000 x 10%) 35,000 1
Revenue from interest 35,000 1
31 December 2020
Accounts receivable (385,000 x 10%) 38,500 1
Revenue from interest 38,500 1
31 December 2020
Bank 423,500 1
Accounts receivable 423,500 1