Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - In 2018, Allfuels Limited introduced a loyalty programme for their customers. Every customer is rewarded one point for every R10 worth of purchases (irrespective of the type of purchase). Customers can redeem these points in the future for a R1 discount for every point on future purchases either in the convenience shop or for fuel purchases. During March 2019, customer purchases (both fuel and the convenience store) totalled R1 000 000 and earned 100 000 in points. The consideration is fixed and the stand-alone selling price of purchased books is R1 000 000. Past history indicates that 95 000 points will be redeemed. AllFuels Limited has estimated a stand-alone selling price of R0,95 per on the basis that 95 000 points will be redeemed.
Required -
1. What is the performance obligation?
2. Calculate the transaction price to be allocated to the performance obligations of AllFuels Limited and prepare the journal entry to record the March 2020 sales.
3. Calculate and prepare the journal for revenue in respect of loyalty points to be recognised in March assuming the following: - At the end of March 2019, 50 000 points have been redeemed and AllFuels Limited still expects 95 000 points to be redeemed.
4. Calculate and prepare the journal for revenue in respect of loyalty points to be recognised in March 2020 assuming the following: - At the end of March 2020, a further 20 000 points have been redeemed and AllFuels Limited now expects 97 000 points to be redeemed.
The health insurance costs his company $9,500 a year. How much of the insurance and treatment payments are taxable to Skyler
racine tire co. manufactures tires for all-terrain vehicles. the tires sell for 60 and variable cost per tire is 30
What is the maximum brokerage that can be charged by an NSE trading member for a deal in government securities for Rs. 5 crores?
On the issue date, the market rate of interest (annual) is 8%. Compute the total interest expense for Chen Company over the life of the bonds
Create the schedule of expected collections from customers for match. Prepare a schedle of expected payments for direct materialsfor match.
Which 3 are reasons a bookkeeper might use the Prep for taxes tool to ready their client's books for the tax return? The response must be typed.
Explain how the amount of tax expense for calender 2008 andthe amount of taxes payable (if any) at December 31, 2008, can bedetermined.
which of the following is not a generally accepted accounting principle relating to the valuation of assets?a. the cost
Show the journal entry on 31 December 2018 for the valuation of the watches and state how the valuation of these watches affected Maze Inc.'s.
What evidence that an auditor would use by illustrating the audit trail of stock purchases?
Prepare journal entries for the home office of Westpac Corporation in U.S. dollars, and for the Singapore branch in Singapore dollars
What are the concept for Ethics in Management Accounting vs Financial Accounting.assess the effectiveness of the current Institute of Management Accountants
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd