The Clifftop Hotel sells a "Romance Weekend Package" for $1,000 for two persons, whichincludes 3 nights of accommodation, breakfast each morning, a bottle of champagne on arrival,a sightseeing helicopter tour, and a voucher for $150 off any future stay. The components of thepackage are available separately at the following prices$800 for the accommodation.$150 for the breakfasts$100 for the champagne$200 for the sightseeing tourThe voucher is not available separately.Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June2022. They planned to use the voucher and visit the hotel again during the Christmas vacationin December 2022.Required:Clifftop Hotel is now preparing its financial statements for the year ended 30 June 2022.Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022in accordance with AASB 15 Revenue from Contracts with Customers.

Given in the question: A package has been sold for $1,000 which includes 3 Nights of Accommodation…

Answered: Mr and Mrs Smith purchased the package…

Mr and Mrs Smith purchased the package and spent a wonderful weekend from 10 to 12 June 2022. They planned to use the voucher and visit the hotel again during the Christmas vacation in December 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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