Topic - Revenue Recognition

QUESTION 11 A. The followings are FIVE (5) independent cases: i. A customer purchased a set of furniture for cash on 25 September 2019 from PJ Furniture Sdn Bhd for RM10,600. She wanted it delivered to her parents on 15 November 2019 as a gift for their wedding anniversary. = ii. Maju Electronics Sdn Bhd sells goods for cash and on interest-free instalment basis. A customer bought an electronic gadget at a net price of RM6,000 on 1 September 2019. The payment is to be made in ten instalments of RM600 per month at the end of month. ii. On 15 September 2019, Aglo Flower received orders to decorate a palace for a wedding at a cost of RM250,000. The wedding will be held on 25 December 2019. iv. Show Entertainment sold tickets for a circus show to be staged on 30 December 2019. On 1 October 2019, they collected RM300,000. 3 V. MRT Publisher publishes a monthly Maritime magazine called MRTimez. A costomer paid RM6,000 for advertising their services on the centre pages in 12 issues of the magazine on 1 September 2019. At closing date on 31 December 2019, MRT Publisher had only managed to run four such advertisements. Required: a) When revenue should be recognised in each case. b) Prepare the journal entry for recognition of revenue in each case