Please provide solution in good accounting form. Thank you! Problem 5: ABC Corporation collected an upfront fee ofP200,000 from a customer. As of tUthis date, the contractqualifies for PFRS 15. Due to unforeseen circumstances,the parties later agreed to have P150,000 be refund andthe contract be cancelled.can APIENTIARERequired:12. If 30% of the performance obligation havebeen provided, how much is gain/(loss) oncontract cancellation?

As per PFRS 15, the revenue is recognized with respect to performance obligation provided. So the…

Answered: Please provide solution in good…

Business

Accounting

Please provide solution in good accounting form. Thank you!

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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Question

Please provide solution in good accounting form. Thank you!

Problem 5: ABC Corporation collected an upfront fee of
P200,000 from a customer. As of t
Uthis date, the contract
qualifies for PFRS 15. Due to unforeseen circumstances,
the parties later agreed to have P150,000 be refund and
the contract be cancelled.
can APIENTIA
RE
Required:
12. If 30% of the performance obligation have
been provided, how much is gain/(loss) on
contract cancellation?

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