Under Ind AS 115, if an entity receives a non-refundable upfront fee and has no further performance obligations, when should the revenue be recognized?
A.Over the expected life of the customer relationship
B.At the point in time when the entity transfers control of the good/service
C.Recognized immediately upon receipt of cash
D.Amortized over the contractual period of the agreement
Explanation:
Ind AS 115 states that if an upfront fee relates to a good or service and there are no further performance obligations, revenue is recognized when control of that good or service is transferred.
A firm's assets total ₹10,00,000 and its owner's equity is ₹4,00,000. The firm borrows ₹2,00,000 from a bank. After the borrowing, what is the total liabilities to outsiders?
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