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How the revenue should be recognised by goninjas ltd

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GoNinjas Ltd is a sport club that charges membership fees. An upfront membership fee is payable on joining the club. In addition, an annual fee is charged at the commencement of each year. Both fees are non-refundable. Customer Z pays $50 for the membership fee on 1 July 2022 with an annual fee of $950. The membership joining fee does not contain any ongoing service obligation and provides membership only. The annual fee covers other services to be provided over the year, including the use of the facilities.

REQUIRED

Problem 1: Discuss how the revenue should be recognised by GoNinjas Ltd for the following payments:

(a) The membership fee of $50.

(b) The annual fee of $950.

Reference no: EM132915595

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