Page 30 - 19. COMPILER QB - INDAS 115

Calculation of finance income as on 31st March, 2018
= 5% x 3,09,523 = Rs. 15,477

v. Journal Entries

Date Particulars Dr. Cr.
1st April,2018 Mr. Anik Dr. 2,51,927
To Revenue- sale of goods (Profit or Loss A/c) 2,51,927
(Being revenue recognized from the sale of the
machine on credit)

Cost of goods sold (Profit or loss) Dr.

To Inventories
1,60,000
(Being costs of goods sold recognized)
1,60,000
Mr. Anik Dr.
30th September
2018 To Finance Income (Profit or loss)
(Being finance income recognized) 12,596
Mr. Anik Dr. 12,596
To Revenue- rendering of services (Profit or
loss)
(Being revenue from the rendering of maintenance 45,000
services recognized) 45,000
Cost of services (Profit or loss) Dr.
To Cash/Bank or payables
(Being the cost of performing maintenance
services recognised) 30,000
31st March 2019 Mr. Anik Dr. 30,000
To Finance Income (Profit or loss)
1st April, 2019 (Being finance income recognised)
Mr. Anik Dr. 15,477
To Revenue- rendering of services (Profit 15,477
or loss)
(Being revenue from the rendering of maintenance
services recognised) 75,000

Cost of services (Profit or loss) Dr. 75,000
To Cash/Bank or payables
(Being the cost of performing maintenance
services recognized)

Cash/ Bank Dr.
To Mr. Anik 50,000
(Being the receipt of cash from the customer 50,000
recognized)

4,00,000
4,00,000

19. 29