Question

Alissa Ltd provides a bundled service offering to Customer B. It charges Customer B $33,000 for...

Alissa Ltd provides a bundled service offering to Customer B. It charges Customer B $33,000 for initial connection to its network and two ongoing services — access to the network for 1 year and 'on-call troubleshooting' advice for that year.

Customer B pays the $33,000 upfront, on 1 July 2020. Alissa Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Connection fee $5,000
Access fee 11,000
Troubleshooting 22,000


The end of Alissa Ltd's reporting period is 30 June.

Prepare the journal entries to record this transaction in accordance with AASB 15/IFRS 15 for the year ended 30 June 2021, assuming Alissa Ltd applies the relative fair value approach.

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