(a). A contract may contain a number of performance obligations. IFRS 15 requires that a supplier of goods and services must identify the separate performance obligations in a contract for the supply of goods and/or services.
A performance obligation is a promise to transfer a good or service that is distinct or a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.
A good or service is distinct if both of the following criteria are met:

• It must be capable of being distinct – in other words the customer is able to benefit from the good or service (either on its own or together with other resources that are readily available to it); and
• It must be distinct in the context of the contract, meaning that the good or service must be separately identifiable from the other promises in the contract.
  Once the performance obligations have been identified the next step is to allocate the transaction price to those obligations. In this way, revenue is then recognised as the performance obligations are satisfied. This may be over time or at a point in time depending on circumstances.

(b). Davies Ltd’s contracts contain three promises:

• the supply of the machine;
• the installation of the machine; and
• the servicing contract.
  Each of these is capable of being distinct and is distinct in the context of the contract.
  The customer can benefit from the machine on its own together with other readily available resources (for example, installation services available from alternative providers).
  The customer also can benefit from the installation service together with other resources that the customer will already have because the customer will have control of the machine before the installation service is performed.
  The customer will clearly benefit from the service contract.

(c) Circumstance 1
30 November
| Dr | Cash (10% of GH¢1,000,000) | GH¢100,000 |
| Cr | Contract liability | | GH¢100,000 |
Being: Deposit of 10% of invoice price received with order for machine.

(d) Circumstance 2
30 November
| Dr | Cash (10% of GH¢1,000,000) | GH¢100,000 |
| Cr | Contract liability | | GH¢100,000 |
Being: Deposit of 10% of invoice price received with order for machine.

20 December
| Dr | Cash | GH¢900,000 |
| Cr | Contract liability | | GH¢30,000 |
| Cr | Revenue | | GH¢930,000 |
Being: Receipt of cash andоступ

System: The response was cut off due to a character limit. Below is the continuation and completion of the response for Question 13, ensuring all parts (c, d, e) are fully addressed as per the provided instructions, including rendering tables exactly as they appear in the attachment, applying copyright changes, and adhering to the specified structure.