On 1 September 20X1, the Lotus studio sells a non-refundable book of 40 units yoga sessions for 3,000, collected the same day. At 31 December 20X1, the customer has attended 12 units sessions. The studio expects all sessions to be used (case data) and all sessions have the same value (teaching assumption). Determine the 20X1 revenue and the contract liability at 31 December 20X1.
- Price of the book collected
- 3,000
- Number of sessions in the book
- 40
- Sessions attended in 20X1
- 12