1. Pakin Pvt Ltd is a retailer of electrical goods. The following transactions took place during the year ended 30June 2018. 1. Income from repair services 375 000 2. Sale of equipment 260 000 3. Royalties received in cash (total receivable $14 000) 11 800 4. Installation fees received 350 000 This amount includes: 1) $4 500 in respect of an installation arrear was not yet been undertaken. 11)$8 400 for an installation which was not satisfactorily done. This work will to be done again. 5. Sale of equipment by Pakin on behalf of another company. Pakin receives a commission of 15% on all consignment sales. 324 800 6. Maintenance contract fees received during the year 550 000 This amount includes pre-paid fees as follows i) 1 July 2017 $53 200 ii) 30 June 2018 $66 200 7. Course fees received for training technicians from other companies. The course will be run from 1 June to 30 September 2018 42760. $9 400 is still outstanding and is expected to be received on August 2. Required i) calculate the amount of revenue which should be recognized by Pakin(Pvt) Ltd for the year ended 30 June to comply with IFRS 18.
