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Identify the five-step method as stated in pas

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Reference no: EM132791320

On January 1, 2019, ABC Company enters into a contract with a customer to sell Products X, Y and Z in exchange for P 120. The company regularly sells these items separately. If they were to be purchased separately, their stand alone prices are as follows:

Product      Stand-alone- selling price

X                         P 40

Y                          P 55

Z                              P 45

ABC Company delivers the products and collects the total price on January 31, 2019.

Required:

Problem 1. Identify the 5-step method as stated in PAS 15 ( revenue recognition)

 

Problem 2. Apply the 5 step method in revenue recognition as stated in PAS 15, to ABC Company.

Reference no: EM132791320

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