Zigzag Ltd has prepared its draft financial statements for the year ended 30 June 2022. It has included the following transactions in revenue at the amounts stated below. Which of these have been correctly in revenue according to IFRS 15 Revenue from Contracts with Customers? A Agency sales of £300,000 on which Zigzag is entitled to a commission of 10% B Sale proceeds of £40,000 for motor vehicles which were no longer required by Zigzag C Sales of £200,000 on 30June 2022. The amount invoiced to and received from the customer was £230,000, which includes £30,000 for ongoing servicing work to be done by Zigzag over the next two years D Sales of £250,000 on 1 July 2021 to an established customer who, with the agreement of Zigzag, will make full payment on 30 June 2023. Zigzag has a cost of capital of 10%
Zigzag Ltd has prepared its draft financial statements for the year ended 30 June 2022. It has included the following transactions in revenue at the amounts stated below.
Which of these have been correctly in revenue according to IFRS 15 Revenue from Contracts with Customers?
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A Agency sales of £300,000 on which Zigzag is entitled to a commission of 10%
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B Sale proceeds of £40,000 for motor vehicles which were no longer required by Zigzag
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C Sales of £200,000 on 30June 2022. The amount invoiced to and received from the customer
was £230,000, which includes £30,000 for ongoing servicing work to be done by Zigzag over
the next two years
-
D Sales of £250,000 on 1 July 2021 to an established customer who, with the agreement of
Zigzag, will make full payment on 30 June 2023. Zigzag has a cost of capital of 10%
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