Question
In: Accounting
Nasi Ambeng Bagelen (NAB) in Putrajaya is a well-known restaurant that serves rice and delicacies from...
Nasi Ambeng Bagelen (NAB) in Putrajaya is a well-known restaurant that serves rice and delicacies from the original Javanese cuisine. Its well-known delicious menu makes it very popular. Due to its increasing popularity, the owner of NAB provides 100 packs of RM8 per pack of Nasi Ambeng every day to Newsagent KL Sentral in an effort to reach wider customers. On 30 th April 2020, Newsagent KL Sentral reported to NAB that two thirds of the total pack for a month’s sale had been sold. The transportation cost to deliver packed nasi ambeng from Putrajaya to Newsagent KL Sentral is RM80 daily. Newsagent KL Sentral is to remit cash to NAB after deducting a 6% commission, the costs of advertising of RM350 and RM400 to dispose the unsold nasi ambeng to every day to a food disposal centre which will be recycling the food in an environmentally friendly way.
Required:
i) Discuss the performance obligations of NAB as indicated in the above and the point in which the performance obligations are satisfied and the revenue is recognized?
ii) Compute the amount of cash to be remitted by Newsagent KL Sentral?
iii) Prepare the journal entries in the books of NAB and Newsagent KL Sentral to record the remittance of cash on 30th April 2020?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Nasi Ambeng Bagelen (NAB) in Putrajaya is a well-known restaurant that serves rice and delicacies from...
Nasi Ambeng Bagelen (NAB) in Putrajaya is a well-known
restaurant that serves rice and delicacies from the original
Javanese cuisine. Its well-known delicious menu makes it very
popular. Due to its increasing popularity, the owner of NAB
provides 100 packs of RM8 per pack of Nasi Ambeng every day to
Newsagent KL Sentral in an effort to reach wider customers. On 30
th April 2020, Newsagent KL Sentral reported to NAB that two thirds
of the total pack for a...
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