How much is the correct revenue

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Question - Dimacali received P60,000 advance payment of his fee in January. In February, ½ of the amount is already earned, and ¼ is still to be earned in March and ¼ is to be returned to the customer because it could no longer be earned. How much is the correct revenue?

P60,000 total earnings for January to March in either accrual or cash basis

P15,000 in March under accrual, when ¼ is actually earned

P60,000 in January under accrual basis

P45,000 in February under cash basis

Reference no: EM132929035

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