Question 1Surfside Ltd is marketing a surfing bundle in which, for $1100, it provides customers with a surfboard (which retails separately for $850), a wetsuit (which retails separately for $250), and five lessons (which retail for $200). You are required to determine:

1. Whether separate performance obligations exist, and to explain why you made this judgement.
2. How much of the transaction price to allocate to each performance obligation.

Question 2 If an organisation received non-cash consideration from a customer in return for providing a good or service, then how would the entity determine how much to assign to sales revenue? (Please, articulate your answer based on AASB 15).