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Demonstrate how the transaction would be presented

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Question - Neo Airconditioner Sdn Bhd primarily sells and installs air conditioner. As well as supplies air conditioners, it also provide air conditioner repair and services to its customers. The business commonly sells the supply and installation, and maintenance and services support in a combined goods and services contract. The combined goods and services contract sells for RM3,600, but if sold separately the supply and installation is sold for RM2,500 and the maintenance and services support for RM1,300 for a period of 24 months.

Required - If Neo Airconditioner sold a combined contract on 1 July 2019, demonstrate how the transaction would be presented in the financial statements for the year ended 31 December 2019, using the five (5) steps revenue recognition model.

Reference no: EM132919100

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