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Establish the amount to be recognised as revenue separate

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QUESTION - Malacha Restaurant operates a customer loyality programme, in terms of which customers earn one award credit for every $5 that they spent. Only amounts paid in cash quality for award credits. Each award credit entitles the customer to a $ DISCOUNT ON FUTURE MEALS.

It is expected that all award credits will be redeemed and the fair value of each award credit granted is measured as $1.

Mr Timba a regular customer to the restarant has the following information relating to the month of June and July 2019 total lunch bill on 30/06/2019 -amount settled in cash $140.

Total lunch bills on 31/07/2019 -all available credits redeemed and reminder settled in cash $60.

Required - Establish the amount to be recognised as revenue separate for the month of June and July 2019, taking into consideration deferred amounts if any?

Reference no: EM133073523

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