Accounting · IFRS 15 Revenue from Contracts with Customers
Repro Co sells photocopying equipment and has prepared its draft financial statements for the year ended 30 September 20X4. It has included the following items in revenue: 1. Agency sales of $250,000, on which Repro Co is entitled to a commission. 2. Sale proceeds of $20,000 for motor vehicles no longer required by the company. 3. Sales of $150,000 made on 30 September 20X4, with $180,000 invoiced and received, which includes $30,000 for ongoing servicing to be performed over the next two years. 4. Sales of $200,000 made on 1 October 20X3 to an established customer, with payment agreed for 30 September 20X5. Repro Co's cost of capital is 10%. Which of the above items has been correctly included in revenue according to IFRS 15 (Revenue from Contracts with Customers)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Items 1, 3, and 4
- 2Items 1 and 3
- 3Only item 3✓
- 4Only item 1
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Only item 3
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