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QUESTION 5 (Case Study 15.2 - Loftus et al., 2020, p. 583) Sahara Ltd sells goods to Jackson Ltd. The agreement between the two parties

QUESTION 5

(Case Study 15.2 - Loftus et al., 2020, p. 583)

Sahara Ltd sells goods to Jackson Ltd. The agreement between the two parties states that Jackson Ltd pays for the goods in advance of delivery which will occur in 12 months' time. Control of the goods passes to Jackson Ltd at the date of delivery. Jackson Ltd pays $40 000 to Sahara Ltd on 1 July 2022. Sahara Ltd delivers the goods to Jackson Ltd on 1 July 2023.

Required

Advise Sahara Ltd on how to appropriately recognise the revenue from this transaction.

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