On 1 July 20X7, The Pyretus Company, a manufacturer of office furniture, supplied goods to The Natiso Company for P120,000 on condition that this amount was paid in full on 1 July 20X8. Natiso had earlier rejected an alternative offer from Pyretus whereby they could have bought the same goods by paying cash of P108,000 on 1 July 20X7. Under PFRS 15, how much relating to this transaction should Pyretus recognize in profit or loss in respect of revenue and interest income for the year ended 30 June 20X8? Revenue Interest income a. 108,000 b. 120,000 c. 108,000 d. 120,000 12,000 Nil Nil 12,000

On 1 July 20X7, The Pyretus Company, a manufacturer of office furniture, supplied goods to The Natiso Company for P120,000 on condition that this amount was paid in full on 1 July 20X8. Natiso had earlier rejected an alternative offer from Pyretus whereby they could have bought the same goods by paying cash of P108,000 on 1 July 20X7. Under PFRS 15, how much relating to this transaction should Pyretus recognize in profit or loss in respect of revenue and interest income for the year ended 30 June 20X8? Revenue Interest income a. 108,000 b. 120,000 c. 108,000 d. 120,000 12,000 Nil Nil 12,000

Name: 1. On 1 July 20X7, The Pyretus Company, a manufacturer of office furn
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Description: 1. On 1 July 20X7, The Pyretus Company, a manufacturer of office furniture, supplied goods to TheNatiso Company for P120,000 on condition that this amount was paid in full on 1 July 20X8. Natisohad earlier rejected an alternative offer from Pyretus

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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