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Revenue Exercises

Question One – Loftus et al. Exercise 15.5 Measurement – p. 501 Variable Consideration

 Soda Ltd sells plastic bottles. Wholesale customers that purchase more than 10 000 bottles per month are entitled to a discount of 6% on their purchases. On 1 March 2016, Customer P ordered 10 crates of bottles from Soda Ltd. Each crate contains 2000 bottles. The normal selling price per crate is $400. Soda Ltd delivered the 10 crates on 15 March 2016. Customer P paid for the goods on 15 April 2016. The end of Soda Ltd’s reporting period is 30 June.

Required:

Prepare the journal entries to record this transaction by Soda Ltd for the year ended 30 June 2016.