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In each of the following situations, state at which date(s), if any, revenue will be recognised. A contract for the rendering of services is entered

In each of the following situations, state at which date(s), if any, revenue will be recognised.

  1. A contract for the rendering of services is entered into on 1 May 2023. The services are delivered on 15 May 2023. The buyer pays for the services on 30 May 2023.
  2. A contract for the rendering of services is entered into on 1 May 2023. The services are delivered continuously over a 1year period commencing on 15 May 2023. The buyer pays for all the services on 30 May 2023.
  3. A contract for the rendering of services is entered into on 1 May 2023. The services are delivered continuously over a 1year period commencing on 15 May 2023. The buyer pays for the services on a monthly basis, commencing on 15 May 2023.
  4. Lemon Ltd is an insurance agent and provides insurance advisory services to Customer B. Lemon Ltd receives a commission from insurance company Ibis Ltd when Lemon Ltd places Customer B's insurance policy with Ibis Ltd, on 1 April 2023. Lemon Ltd has no further obligation to provide services to Customer B.
  5. Lemon Ltd is an insurance agent and provides insurance advisory services to Customer B. Lemon Ltd receives a commission from insurance company Ibis Ltd when Lemon Ltd places Customer B's insurance policy with Ibis Ltd, on 1 April 2023. Lemon Ltd is required to provide ongoing services to Customer B until 1 April 2024. Additional amounts are charged for these services. All amounts are at market rates.
  6. Citrus Ltd receives a nonrefundable upfront fee from Customer B for investment advice, on 1 March 2023. Under the agreement with Customer B, Citrus Ltd must provide ongoing management services until 1 March 2024. An additional amount is charged for these services. The upfront fee is higher than the market rate for equivalent initial investment advice

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