Problem 5: ABC IS Collected an upfront fee of P200,000 from a customer. As of this date, the contract qualifies for PFRS 15. Due to unforeseen circumstances, the parties later agreed to have P150,000 be refund and the contract be cancelled. SAPIENTIA EDIFICAL Required: 12. If 30% of the performance obligation have been provided, how much is gain/(loss) on contract cancellation?

Problem 5: ABC IS Collected an upfront fee of P200,000 from a customer. As of this date, the contract qualifies for PFRS 15. Due to unforeseen circumstances, the parties later agreed to have P150,000 be refund and the contract be cancelled. SAPIENTIA EDIFICAL Required: 12. If 30% of the performance obligation have been provided, how much is gain/(loss) on contract cancellation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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