Homework Answers
A performance obligation is a promise to transfer goods or services to a customer.
A performance obligation is a promise to transfer goods or services to a customer.
- There are 3 performance obligations existed in the contract. One is sale of package, 2nd is sale of Anti-Virus Software & 3rd is sale of Wireless Speaker. Here, Computer, printer, extended warranty & installation package are interrelated, so they form a composite supply.
- Allocation of Purchase Price:
|
S.No |
Particulars |
Cost Allocation |
|
1 |
Package |
1900-125= 1775 |
|
2 |
Anti-Virus Software |
50 |
|
3 |
Wireless Speaker |
75 |
- JOURNAL ENTRY
Sundry Debtor (30*1,900)…..DR
To Package Sale (30*1775)
To Wireless Speaker Sale (30*75)
To Antivirus Sale (30*25)
(Being entry made for sale)
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