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Prepare the journal entries in Gen Z Limited

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Reference no: EM133073343

Question - Gen Z Limited signed a contract on the 28th of February 2020, with Wahoo Limited (the customer), to install a generator at their new offices in New Germany, the terms of which included the following: - Gen Z Limited agreed to supply and install the generator before the 30th of June 2020 - Wahoo Limited agreed to pay R150 000, in advance on the 31st of March 2020. Gen Z Limited installed the generator on the 17th of June 2020 on which date, the customer obtained control. Wahoo Limited paid the promised consideration on the 31st of May 2020.

Required - Prepare the journal entries in Gen Z Limited if:

a) Contract is non-cancellable.

 b) Contract is cancellable in the event of non-performance.

Reference no: EM133073343

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