Bina Jaya Bhd is a property development company, whose main business is revolved around buying and selling properties. On 1 July 2020, Bina Jaya sold a piece of land in Bandar Ainsdale for RM3,000,000 to Lagoona Bhd. The directors were keen on purchasing back the land from Lagoona, and 3 months later, the land was purchased with the amount of RM3,700,000.

Required:

i) Explain the definition of Income as contained in the Conceptual Framework.

(1 mark)

ii) Discuss the difference between Revenue and Gain, providing examples to illustrate your point.

(3 marks)

iii) Discuss the accounting treatment for the sale and repurchase of land by Bina Jaya in accordance with the provisions contained in MFRS 15, Revenue from contracts with Customers.