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TicketTime is a newly established company that is trying to promote new musicians. The company organizes and holds concerts all over Pakistan annually during
TicketTime is a newly established company that is trying to promote new musicians. The company organizes and holds concerts all over Pakistan annually during the winter/spring season. Financial year for the company strt is July - June. TicketTime sells tickets for concerts as follows i) On day walk up single entry: Ticket prices range from Rs 3,000/-. No retum allowed i) Advance Purchase single entry: These tickets have to be purchased for a particular concert before the season starts and normally cost Rs 2,000/-. No refunds allowed. i) Annual pass: Allows entry to unlimited concerts and normally costs Rs 25,000/-. No refunds allowed How would revenue be recognised for each type of sale in accordance with IFRS 15? (Give journal entries to aid with your explanation)
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Revenue recognition in each case will depend upon when the ticket is being purchased As per revenue recognition the revenue is recognised in the perio...Get Instant Access to Expert-Tailored Solutions
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