Question
Brisbane Pty Ltd provides consulting services to AFL Pty Ltd. Rather than pay in cash it is agreed that AFL Pty Ltd will transfer some
Brisbane Pty Ltd provides consulting services to AFL Pty Ltd. Rather than pay in cash it is agreed that AFL Pty Ltd will transfer some machinery to Brisbane Pty Ltd. The machinery is recorded in AFL Pty Ltds accounts at a cost of $75,000 with accumulated depreciation of $20,000. The fair value is assessed as being $60,000.
Provide the journal entry (or entries) for Brisbane Pty Ltd to recognise revenue to be received from AFL Pty Ltd.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
