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How much revenue should march ltd recognise

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Reference no: EM132623518

Questions -

Q1. Which one of the following transactions and events would result in a liability for Ecological Camping Outback Ltd (ECO)?

A. ECO received $800 from a customer for a camping holiday that will occur next year.

B. ECO agreed to increase employees' wages in the following year

C. A van owned by ECO was damaged in a storm and needed to be repaired.

D. A customer initiated a lawsuit against ECO for injuries sustained on a tour.

Q2. March Ltd sold a coffee machine on 1 June 20X1 and agreed to provide cleaning and maintenance services for one year. The coffee machine was delivered to the customer on 1 June 20X1. The total contract price of $7200 has two components:

Delivery of the coffee machine $6000

Cleaning and maintenance services, $100 per month

In accordance with AASB 15 Revenue from Contracts with Customers, how much revenue should March Ltd recognise in the year ended 30 June 20X1 in relation to this transaction?

a. $200

b. $7200

c. $6100

d. $6000

Reference no: EM132623518

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