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Prepare the journal entries to be recorded by kangaroo ltd

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Reference no: EM132672596

Kangaroo Ltd enters into an agreement to sell Inventory to Emu Ltd for $79 000 on 10 October 2020. Emu ltd intends to use this as an Non-current asset. Kangaroo Ltd delivers the Inventory on 19 October 2020. Emu Ltd pays for the Inventory on 10 November 2020.

  • The agreement states that, from the date of delivery, Kangaroo Ltd must provide maintenance for the Inventory for the first 12 months. Emu Ltd is entitled to a refund of 17% of the amount paid if Kangaroo Ltd does not satisfactorily maintain the Inventory for the year as required.

Required

Problem 1: Prepare the journal entries to be recorded by Kangaroo Ltd as per the recognition criteria in AASB 15/IFRS

Reference no: EM132672596

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