## Answers

Answer to 4(a) | |||||||

Handlers main obligation is to sell the equipment. Other services such as installation and testing can be performed by other entities. | |||||||

Hence installation and testing represents distinct performance obligations. | |||||||

So to account for sale of equipment, delivery must be made and then revenue can be recognised | |||||||

Answer to 4(b) | |||||||

If there are more than one performance obligation then the allocation will be as follows- | |||||||

Performance obligation | Standalone price | Percentage of total | Transaction price | Allocation amount | |||

Delivery | 20,00,000 | 97% | 20,00,000 | 19,32,367 | |||

Installation | 20,000 | 1% | 20,00,000 | 19,324 | |||

Training | 50,000 | 2% | 20,00,000 | 48,309 | |||

Total | 20,70,000 | 20,00,000 | |||||

Answer to 11 | |||||||

Under percentage of completion method | |||||||

Revenue to be recognised= (percentage of work completed)* Total contract value | |||||||

Percentage of work completed= total expenses incurred/total estimated cost | |||||||

2003 | 2004 | 2005 | |||||

Total expenses incurred | 7,00,000 | 9,80,000 | 14,00,000 | ||||

Total estimated cost | 18,00,000 | 14,00,000 | - | ||||

Percentage of work completed | 39% | 70% | 100% | ||||

Percentage of work completed each year | 39% | 31% | 30% | ||||

Total Contract value | 3000000 | 3000000 | 3000000 | ||||

Income on long term contract | 11,70,000 | 9,30,000 | 9,00,000 |

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