183 Paper F7 Answers to Examples September/December 2016 answEr ExamplE 3 to Statement of Profit or Loss and Other Comprehensive Income $ Revenue recognised 60% ×1,200,000 720,000 Costs recognised – period specific 200,000 – general (60% ×850,000) 510,000 (710,000) Profit recognised 10,000 Statement of Financial Position Costs to date 750,000 Attributable profit (from above) 760,000 Less amounts invoiced 790,000 (30,000) Amounts due to customers 790,000 Amounts invoiced Amounts received 700,000 Amounts due from customers (Accounts Receivable) 90,000 answEr ExamplE 4 to Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position Costs to date 300,000 Attributable loss (from above) 250,000 Amounts invoiced (270,000) (20,000) Amounts due to customers 270,000 Amounts invoiced Amounts received (240,000) 30,000 Amounts due from customers (Accounts Receivable)
Paper F7 Answers to Examples September/December 2016 answEr to ExamplE 3 Statement of Profit or Loss and Other Comprehensive Income 183 $ Revenue recognised 60% ×1,200,000 720,000 Costs recognised – period specific 200,000 – general (60% ×850,000) 510,000 (710,000) Profit recognised 10,000 Statement of Financial Position Costs to date 750,000 Attributable profit (from above) 760,000 Less amounts invoiced 790,000 Amounts due to customers (30,000) Amounts invoiced 790,000 Amounts received 700,000 Amounts due from customers (Accounts Receivable) 90,000 answEr to ExamplE 4 Statement of Profit or Loss and Other Comprehensive Income Statement of Financial Position Costs to date 300,000 Attributable loss (from above) 250,000 Amounts invoiced (270,000) Amounts due to customers (20,000) Amounts invoiced 270,000 Amounts received (240,000) Amounts due from customers (Accounts Receivable) 30,000