OTC automobile company sells car to customer on sale plus 3 year service the price...
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Accounting
OTC automobile company sells car to customer on sale plus 3 year service the price of car OMR 12,000 which includes 1500 for 3 year service. Based on this situation and IFRS 15 identify the correct statement from the following. None of them Both performance obligations i.e, sale of car and service are recognized after a period of three years Sale of car performance obligation is recorded in the year of sale and service charges is recognized in the specific year of service Both performance obligations i.e, sale of car and service are recognized in the year of sale
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