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A customer can purchase WI’s wine in the store at the winery and, starting in 2017,...

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Accounting

A customer can purchase WI’s wine in the store at the wineryand, starting in 2017, through the new website. A customer canbecome a member of WI’s new wine club. To join the club, a $200annual fee is paid. In return, the member is shipped one bottle ofwine a month. As part of the annual fee, members receive a freesubscription to the Wine Digest, which could be purchased on itsown. If the member likes the wine, he or she can then order a casethrough the website at a 10% discount.

To discuss the accounting policies, consequences and journalentries for WI under IFRS.

Answer & Explanation Solved by verified expert
3.9 Ratings (560 Votes)
Accounting Policies Revenue recognition accounting principle states membership fees is to be always recognised as an income on the admission of the member in the club It is always nonrefundable Annual subscription fees is to be always recognised as income on receipt basis As the name suggest that the member has to make one payment and will receive membership for life    See Answer
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