What is the final amount for trade receivables and deferred

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Problem

A company s designing a specialist sound system for an exclusive cinema group for a price of £180,000. The sound system design will transfer to the customer on completion of the contract and the company has no alternative use for it. The contract commenced on 1 November 2023 and £150,000 was paid by the customer and recognised as revenue on that date. The remaining £30,000 was due on completion of the sound system design which was 31 January 2024. No accounting entries have been made in relation to this £30,000. The company has an enforceable right to receive payment for work completed to date and expects the contract to be profitable. The company uses the input method to measure the stage of completion of contract revenue. By 31 December 2023 half of the budgeted staff time had been incurred. The existing trade receivables is 82,350. Get the instant assignment help. What is the final amount for trade receivables and deferred revenue?

Reference no: EM133920965

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