Reference no: EM133041712

Case - Supermarket has a customer loyalty program that rewards a customer with one customer loyalty point for every ¢10 purchases. Each point is redeemable for ¢1 discount on all future purchases of the products from the Supermarket. During the month of August 2020, customers buy products for ¢100,000 so they get 10,000 points that could be redeemable on future purchases. The Supermarket estimates that 9,500 points will be redeemed in the future. As of December 31, 2020, customers have redeemed 4,500 points and the basis of estimation of the 9,500 points that were established in the month of August 2020 has not changed. As of June 30, 2021, customers have redeemed 8,500 accumulated points. The Supermarket updates its estimate of points to be redeemed and now expects them to be 9,700 points in total.

1. Identify the performance obligations to be contemplated by Supermercado Feliz, S.A. in accordance with the provisions of IFRS-15.

2. Indicate the amount to be distributed from the contract price to each of the performance obligations

3. Journal entries to recognize previous transactions under IFRS-15.