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Priyanka and Adrita own jewellery shops, having branches in different cities and towns. They deal...

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Accounting

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Priyanka and Adrita own jewellery shops, having branches in different cities and towns. They deal in gold and diamond ornaments. During the financial year ending on 31st March 2019 , the following have taken place: (a) They have received total orders to supply ornaments worth RM3,000,000. They could supply ornaments worth RM2,800,000 and the rest of the ornaments are supplied in May 2019 , the next financial year. (b) Further, sale of gold and diamond ornaments for cash totaling RM2,000,000 and RM1,000,000, respectively. These ornaments are delivered within the current financial year. (c) There is a credit sale of gold ornament valuing RM20,000 to one of the known customers. This ornament is delivered within the current financial year. It is anticipated that RM20,000 may not be possible to collect from the customer to whom ornament was sold on credit as he is untraceable. Required: (i) What is the accounting period of the business referred in the case? What is this related concept? (6 marks) ii) Using a relevant concept, ascertain the amount of revenue realised in points (a) and (b) of the case. (8 marks)

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