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Problem:
Flying Power Limited entered into two separate service contracts with two customers:
CUSTOMER A
CUSTOMER B
Contract Inception
1 January 20x6
Contract price (at inception)
R200 000
R600 000
Rebate (price reduction)
R80 000 (note 1&2)
Various (note 3&4)
Service duration
2-month period
3-month period
Services provided
January & February
Amounts paid as at 28 February 20x6
R140 000 (note 2)
None
At contract inception, Flying Power Ltd expected that customer B would provide a BEE certificate proving a Level 1 contribution. This certificate was expected before 20 February 20x6.
Note 4: Customer B presented the necessary documentation on 18 February 20x6 (before the deadline has expired). Upon analysis thereof, it was determined that customer B was actually a Level 2 contributor.
Required:
a) Show the journals that Flying Power Ltd must process relating to the information presented above(relating to both customers A & B)for the 28 February 20x6 financial year.
b) Provide an explanation for your journals with specific reference to IFRS 15 Revenue from Contracts with Customers.
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