question archive Can Ltd sell goods carrying a two year repair warranty
Can Ltd sell goods carrying a two year repair warranty
Subject:FinancePrice:3.86 Bought7
Can Ltd sell goods carrying a two year repair warranty. The following expectations
have been set by the Management for the year ended 31 October 2014
% goods sold Nature of defects Cost of repairs if items had
defects
75% No defects R nil
18% Minor defects R200 000
7% Major defects R300 000
Required: Calculate the provision for warranty repairs and make journal entries:
Option 1
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