The Five-Step Process for Revenue Recognition - Accounting and Finance Assignment Help

Assignment Task:

Task:

On 1 July 2020, Saunas4U Pty, signs an agreement with HomeDecor to provide 10 weekly lessons on how to build a sauna on YouTube and 10 kit saunas. The contract price for this amounted to $16,500 (GST Inclusive), on credit terms n/30 for the kit saunas and how to videos. This amount also includes one free service of the saunas to be performed twelve months after the delivery of the sauna kits to HomeDecor. The standalone price for the 10 weekly YouTube lessons is $11,000 (GST Inclusive), while standalone price for the 10 kit saunas is 15,400 (GST Inclusive). The twelve month service fee for the saunas is usually $1,100 (GST Inclusive). HomeDecor paid the full amount on 20 July 2020 for the sauna kits and YouTube lessons. The sauna kits were delivered in 25 July 2020. By 31 December 2020, 6 YouTube lessons were conducted. 

7. With reference to AASB 15 Revenue from Contracts with Customers, apply the five-step process for revenue recognition in regards to the contract with HomeDecor. List each of the five steps and show and calculations. 
 

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