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How would Tesco account for these transactions

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Question - Assume that on February 20, 2014 (the last day of Tesco's half-year reporting period ending on February 21, 2014), Tesco received £200 million in prepayments from Unilever under the expectation that Tesco will purchase a certain volume of products over the next three years. Further, assume that during the following six months Tesco purchased £500 million-earning £50 million of the prepayment-in products from Unilever, out of which it sold 50% for £250 million. How would Tesco account for these transactions for its fiscal report ending on February 21 and on August 23, 2014?

Reference no: EM132579541

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