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Prepare the journal entries to be recorded by cascade ltd

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Cascade Ltd sells goods to Gardener Ltd. Gardener Ltd enters into an agreement to buy the goods from Cascade Ltd for $60 000 on 1 September 2020. Cascade Ltd delivers the goods on 10 September 2020. Gardener Ltd pays for the goods on 30 September 2020.

  • The agreement states that, from the date of delivery, Cascade Ltd must provide maintenance for these goods for the first 12 months. Gardener Ltd is entitled to a refund of 15% of the amount paid if Cascade Ltd does not satisfactorily maintain the goods for the year as required.

Required

Problem 1: Prepare the journal entries to be recorded by Cascade Ltd as per the recognition criteria in AASB 15/IFRS 15.

Reference no: EM132740642

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