Practice Activity 13.38 Recognition of contract costs in a reporting entity’s statement of profit or loss On 1 July, 2016, an entity...

Practice Activity 13.36 Determination of the customer’s simultaneous collection and consumption of the benefits provided by the reporting...

On 1 May 2018, Safe Structures Limited signed a contract with a customer to build a residential apartment made up of three 4-bedroom...

Practice Activity 13.32 Determination of revenue to be recognised in the contract’s first year by a reporting entity On 1 May 2018, Safe...

Practice Activity 13.30 Fulfillment of the conditions for a performance obligation satisfied over time An accounting software producer...

An entity sells four construction products and services. The stand-alone or individual selling prices of the products are as follows:...

An entity sells four construction products and services. The stand-alone or individual selling prices of the products are:...

Practice Activity 13.24 The inclusion or exclusion of a significant financing component in a contract A reporting entity sells a...

On 1 March 2018, Excellent Works Limited signed a contract with Fine Technologies Limited. Excellent Works Limited will construct a new...

A contractor (an entity) and Without Borders Ltd enter into a contract for the sale of equipment and motor parts. On 21 December 2018,...

A firm of project managers procures materials from another entity for the customer. The firm of project managers will receive a...

A contract agreement has been signed between Fast Limited and Safe Limited. In the agreement, Fast Limited will distribute goods for Safe...

A firm of project managers enters into a three-year contract with the Federal Government with respect to the Government’s construction of...

A customer and contractor agree to a contract for the construction of a house (4-bedroom duplex) and a compound fence. The contractor...

Contract extension due to delay on the part of the customer that affects the ability of a contractor to commence construction activities...

A contract between Works Limited and the Mercy State to build a hospital in the State was signed by both parties on 10 January 2018. The...

The authorities of the Mercy State decided to build a 20-block shopping complex in the State on 10 January 2018. The contract was...

Positive Change Limited entered into a contract with State Ministry of Roads, to carry out a construction contract for the construction...

A contract between Work the Bridge Limited and the State of Mercy Land was legalised on 10 January 2018. Based on the contract agreement,...

The facts are the same as Practice Activity 13.5. Required: How should Steady Limited recognise the consideration of ₦224,100? See a...