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Simon Ltd is a property developing company. Simon Ltd entered into a contract to sell land with the customer and signed the contract on 1 July 2019. The contract terms clearly state that the customer has no right to return the land once the contract is signed. The cash selling price of the land is $500,000, which is the amount the customer would have paid for the land if the payment was required at the time of transfer. However, payment of $525,000 is required after 12 months of signing of the contract. The interest rate is 5%.
Required:
Problem 1: Prepare the necessary journal entries as per AASB 15 "Revenue from Contracts with Customers" on 1 July 2019 and 30 June 2020 in the books of Simon Ltd (ignore the time value of the money).
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