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CFR Limited manufactures and sells high definition, photographic quality printers with

an accompanying device which allows printing of 3D picture frames. An editing and

design software is provided as an integral part of the printer. CFR also sells good quality

photographic card for use with the printer. CFR has entered into a contract with POFA to

supply the following:

? 12 printers - Available for delivery

? 5 frame printing devices - Would require 15 days to deliver

? 60,000 sheets of Photographic card - Available for delivery

A lump sum price of Rs. 13 million has been agreed between CFR and POFA for this

contract.

In the normal course of business, CFR does not sell the printer on a standalone basis,

the framing device is an integral part of each sale. A special exception has been made

for POFA. The combined package of the photographic printer and framing device usually

sells for Rs. 900,000. The manufacturing cost of the printer and device are Rs. 500,000

and Rs. 200,000 respectively. Each sheet of photographic card costs Rs. 25 to

manufacture and sells for Rs. 50 per sheet.

Other photographic printers of almost similar specification are available in the market and

sell for Rs. 800,000. There are no other framing devices available in the market, while

sheets of photographic card are readily available from other suppliers.

Required

Apply the five-step revenue recognition process to this contract (assume a valid contract

exists). Try to answer as comprehensively as possible with the given information

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