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P. 31
vi. Extract of Notes to the financial statements for the year ended 31st March, 2019 and 31st
March 2020
2019-2020 2018-2019
Rs. Rs.
Sale of goods - 2,51,927
Rendering of machine- maintenance services 75,000 45,000
Finance income (12,596 + 15,477) - 28,073
75,000 3,25,000
Q28. (JULY. 21)
GTM Limited has provided the following 4 independent scenarios. You are advised to respond to the queries
mentioned at the end of each scenario. Support your answer with the relevant extracts of the applicable Ind
AS.
Scenario 1
GTM Limited enters into a contract with a customer to sell product G, T and M in exchange for Rs. 1,90,000.
GTM Limited will satisfy the performance obligations for each of the product at different points in time. GTM
Limited regularly sells product G separately and therefore the stand-alone selling price is directly observable.
The stand- alone selling prices of product T and M are not directly observable.
Because the stand-alone selling prices for Product T and M are not directly observable, the Company has to
estimate them. To estimate the stand-alone selling prices, the Company uses the adjusted market assessment
approach for product T and the expected cost plus a margin approach for product M. In making these
estimates, the Company maximizes the use of observable inputs.
The entity estimated the stand -alone selling prices as follows:
Product Stand-alone selling price (Rs.)
Product G 90,000
Product T 44,000
Product M 66,000
Total 2,00,000
Determine the transaction price allocated to each Product.
Scenario 2
GTM Limited regularly sells Products G, T and M individually. The standalone selling prices are as under:
Product Stand-alone selling price (Rs.)
Product G 90,000
Product T 44,000
Product M 66,000
Total 2,00,000
In addition, the Company regularly sells Products T and M together for Rs. 1,00,000.
The Company enters into a contract with another customer to sell Products G, T and M in exchange for Rs.
1,90,000. GTM Limited will satisfy the performance obligations for each of the products at different points in
time; or Product T and M at same point in time.
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