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Colour Limited sells household electrical equipment. During 2017, Colour Limited introduced a warranty policy for all of its televisions, with the warranty covering all repairs necessary for a period of four years. The television and warranty package sells for £1,000, with Colour Limited selling 3,000 such packages during the year ended 31 December 2017.
A competitor sells the same television without a warranty policy for £950 and an insurance broker sells a warranty policy similar to that offered by Colour Limited for £100.
Requirement
Problem 1: Calculate the amounts to be included in Colour Limited's financial statements for the year ended 31 December 2017 in respect of the television and warranty sales assuming that claims under the warranty are expected to occur evenly over the four-year period of the warranty.
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