Revenue to be recognized by XY Ltd. for the year ended 31st March 20X2 is
LP Contractors undertakes a fixed price contract of ₹ 200 lakh. Transactions related to the contract include: Material purchased: ₹ 80 lakh Unused material: ₹ 30 lakh Labour charges: ₹ 60 lakh Machine used for 3 years for the contract. Original cost of the machine is ₹ 100 lakh. Expected useful life is 15 years.
Estimated future costs to be incurred to complete the contract: ₹ 80 lakh.Loss on contract to be recognised is:
Consignment inventory is an arrangement whereby inventory is held by one party but owned by another party. Which of the following indicates that the inventory in question is a consignment inventory?
Which of the following transactions qualify as revenue for M/s AB Enterprises?
The Accounting Club has 100 members who are required to pay an annual membership fee of ₹ 5,000 each. During the current year, all members have paid the fee. However, 5 members have paid an amount of ₹ 10,000 each. Of these, 3 members paid the current year’s fee and also the previous year’s dues. Remaining 2 members have paid next years’ fee of ₹ 5,000 in advance.
Revenue from membership fee for the current year to be recognised will be:
FlixNet International offers a subscription fee model to allow the paid subscribers an annual viewing of movies, sports events and other content. It allows users to register for free and have access to limited content for one month without any charges. The customer has a right to cancel the subscription within a month’s time but is required to pay for 1 year subscription fee after the free period.
XY has subscribed for free viewing on 1st March 20X1. After 1 month, he has agreed to pay the annual membership and has paid ₹ 1,200 on 31st March 20X1 for the subscription that is valid up to 31st of March 20X2.
Revenue that can be recognized by FlixNet for the year ended 31st March 20X2 is
Goods worth Rs. 4,00,000 were sold on approval basis on 01-12-2022 by ABC Ltd. The period of approval was 3 months after which they were to be considered as sold. Buyer sent approval for 75% goods up to 31-01-2023 and no approval or disapproval received for the remaining goods till 31-03-2023. For the year ended 31st March, 2023
Which of the following does not form a part of contract costs as defined in AS 7 (Revised)?
1. Incomes and expenses of a Non-integral operation (NFO) is translated at Answer: