Deferred revenue expenditure is expenditurethat is inherently revenue in nature, but is treated as creatingan asset for balance sheet purposes, rather than being booked tothe profit and loss account. I like it. Deferred revenue is a future financial obligation of a company to a customer since it has received prepayment for yet-undelivered goods or services. The deferred revenue expenditure not yet written off is shown on the assets side of the balance sheet. Journal Entry of Deferred Revenue The following Deferred Revenue Journal Entry provides an outline of the most common journal entries in Accounting. As soon as the goods or services are delivered or performed, the deferred revenue turns into the earned revenue. In the case of joint stock companies, it is deducted from reserves. The concept of deferred revenue expenditure is not in the Income Tax Act. How does revenue affect the balance sheet? Suppose a Company A has sold Software to another Company B and received the Subscription Fees for the same of $100,000 per year for the next 5 Yrs. Part of the amount is shown in profit and loss account and is reduced from total expenditure and rest is shown in balance sheet. Thus it will accrue its earning. Yes, deferred revenue is a liability and not an asset. workflow. Deferred revenue expenditure in balance sheet. Thus it shows the balance of the benefit that it will reap in future on the assets of the balance sheet. Deferred revenue journal entry example: A web design business invoices in advance for annual maintenance fees and records this as deferred revenue. Deferred Revenue Expenditure is an expenditure which is revenue in nature and incurred during an accounting period, but its benefits are to be derived over a number of following accounting periods. In it, income and expenses are recorded as they occur, regardless of whether the cash has been received. In simple terms, Deferred Revenue means the revenue that has not yet been earned by the Products/Services are delivered to the Customer and is receivable from the same. About the Author Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. Capital Expenditure 2. Expenditure on advertisement sales promotion etc. Often, you can deal with deferred revenue – something most SaaS subscription companies are familiar with. Deferred revenue expenditure is less common compared to the first two but also contributes to the increase in the value of assets in the balance sheet. These expenditure does not result in an asset creation. The Deferred Tax Liability or Deferred Tax Asset is derived from the comparison of Profit & Loss A/c of Balance sheet and Computation of Total Income for Income Tax purpose. As you deliver goods or perform services, parts of the deferred revenue become earned revenue. Deferred Revenue Accounting Example. Snovio alone earned me $3k in 1st month. Deferred revenue expenditure is expenditurethat is inherently revenue in nature, but is treated as creatingan asset for balance sheet purposes, … Deferred Revenue Expenditure In Balance Sheet Record the deferred revenue. The cash that the company receives should be recorded on the balance sheet as an asset account. According to Kohler “It is an expenditure charged against operation; a term used to contrast with capital expenditure”. I am writing this answer assuming you have basic knowledge of Fundamental terms like-Accrual basis, Materiality, Capital expenditure and Revenue expenditure. Looking for B2B leads and dont know where to turn? sales funnel faster. Fill in the balance sheet . Simply put, deferred revenue expenditure refers to an advance payment for Deferred Revenue Expenditure is an expenditure which is revenue in nature and incurred during an accounting period, however, related benefits are to be derived in multiple future accounting periods. Find leads and hire talents with the most powerful lead generation tool available! Certain expenses though of revenue nature but likely to give benefit for more than one accounting year are treated as Deferred Revenue Expenditure like Advertisement expenses. Deferred expenditure in practice A deferred expenditure is placed on the balance sheet as an asset, since it is something that has been paid a certain amount for, but has not yet been used in its entirety. Expenses partly paid in advance. for work! TL;DR (Too Long; Didn't Read) There is no dedicated line on a balance sheet for revenue, although many of the figures on a balance sheet can be traced directly and indirectly from revenue your business has earned. (e) Capital expenditure (subject to depreciation) is recorded in balance sheet whereas revenue expenditure (subject to adjustment for outstanding and prepaid amount) is The remaining portion of the expenditure is carried forward and is known as capital expenditure or or deferred revenue expenditure and is shown as an asset in the balance sheet. Now after working for a month mnc has earned 1000 i e it has provided its services to xyz. In the Balance Sheet of 2015-2016 Rs.9000 will be treated as Prepaid Insurance, a current asset. As you identify these transactions, it’s high time for your accountants to calculate and record the amount of the deferred payment. It is shown as a liability on the balance sheet. The two examples of deferred revenue expenditure and their treatment in final accounts are as explained below: You bill for 25 000 in services. Snovio is convenient for us to find email address. Meanwhile, accrued expenses are the money a company is obliged to pay. The Townshend Revenue Act Of 1767 Angered Colonists Because, Starting Salary For Revenue Integrity Analyst, Tamil Nadu Revenue Department Recruitment 2020 Application Form, State Revenue Office Unclaimed Monies Victoria, Tamil Nadu Revenue Department Recruitment 2020, The Normal Balance Of Revenue Account Is Similar To Mgt101, The Revenue Recognition Principle Requires That Revenue Be Recognized In The Accounting Records, The Revenue Recognition Principle Requires That Sales Revenues Be Recognized. Deferred revenue flows between the balance sheet and the income statement as revenue. Deferred revenue is often mixed with accrued expenses since both share some characteristics. In the second year: Again, 50,000 will be shown on the debit side of Profit and Loss Account and the balance of 1,00,000 will be shown on the Assets side of Balance Sheet. Your accountants will need to transfer $30 from the deferred revenue account to the earned revenue account using such a journal entry: You should go on adjusting the balance sheet and income statement as long as you are providing the service until you have nothing to owe, so the liability to the customer reaches zero. To do this, your accountants will make the following deferred revenue journal entry: At this stage, you will need to update the journal entry in the previous step by reducing the balance sheet liability and transferring the amount to the income statement. it's the best email finder i have ever used. Deferred revenue expenditure An expenditure, which is revenue expenditure in nature, the benefit of which is to be derived over a subsequent period or periods is known as deferred revenue expenditure. In addition, the portion of revenue or expense yet to be paid or collected is reported on the balance sheet, as an asset or liability. Sep 02 2020 deferred revenue expenditure to the extent of not written off is shown in balance sheet under the head a miscellaneous expenditureb capitalc current liabilitiesd fixed assets correct answer is option a. In that case, such expenditure should be capitalized and treated as deferred revenue expenditure. The way it is evolving every month is amazing. Instead, they are recorded as an asset on the balance sheet until the expenses are incurred. it is the best email finder ever. Can you explain this answer. Record the deferred revenue Step 1. The cost is recorded as an asset until such time as the underlying goods or services are consumed; at that point, the cost is charged to expense. All companies selling products or providing services that require prepayments deal with deferred revenue. For example, suppose a business provides web design services and invoices for annual maintenance of 12,000 in advance. Item such as preliminary expenses, cost of issue of debentures are examples that may be classified under this head. For example a firm may For example a firm may undertake a special advertising campaign for a new product and say spends rupees one lakh over it. 2. What is a deferred expense? It may be note here that the amount which has not been charged off to the profit and loss account is shown in the balance sheet … Deffered Revenue Expenditure is a kind of expenditure which has already been incurred and is shown on the asset side of the Balance Sheet till it is written off. #Snovio. never expires, Prepayment for an annual subscription to an online service. Revenue Expenditure is not written in Balance Sheet, these effected profit & loss account. How deferred revenue is reported on the balance sheet The remaining $750 gets reported as both an asset and a liability on the balance sheet. Deferred Revenue and Expenditure – Revenue and Expense Method This is the second method of posting deferred revenue and expenditure, the first is the asset and liability method shown in the section above. With Snov.io tools, you can accelerate collecting and managing lists of leads and candidates. Certain expenses though of revenue nature but likely to give benefit for more than one accounting year are treated as Deferred Recent case law has and , ). Upload lists of questionable email addresses to receive clean lists ready It is when the firm derives a portion of the benefit in the current accounting year and will reap the balance in the future years. Hence 1000 of deferred income will be recognized as service revenue. email outreach or outbound research. Identify the services or goods for which you have already received payment but which you should still deliver till the end of the reporting period. In its broader sense, the deferred revenue is a strategy used in accrual accounting. Thanks for the people who invent this System Deferred revenue is a liability on a company’s balance sheet because it represents an obligation to a customer. Generally, when a corporation earns revenue there is an increase in current assets (cash or accounts receivable) and an increase in the retained earnings component of stockholders' equity .. For example, both are shown on a business’s balance sheet as current liabilities. Deferred Revenue Expenditure is the expenditure that is incurered in lumpsum by a business in any given year but this expenditure pertains not only to the financial year in question, but also to the years to come. Deferred Revenue Expenditure When your company receives a customer deposit or prepayment on a sale, that payment occurs in advance of the actual sale and is therefore considered unearned revenue. Statement of Cash Flows It can be classified as a long-term liability if performance is … These expenditure does not result in an asset creation. Deferred revenue accounting is important for accurate reporting of assets and liabilities on a business’s balance sheet in accordance with the matching concept. a drip campaign function that puts everything you need under one roof. The balance of the deferred revenue will remain in the balance sheet until fulfilled. They are recorded as “Assets” on a balance sheet. and keep it well. You can now move it from the balance sheet to the income statement. When the company receives payment. Deferred revenue (also called unearned revenue) refers to money received by a company before it provides the related goods or services to the customer. visit In the example from part 1 the company receives a 120 advance payment relating to a twelve month magazine subscription. #snovio #emails #b2b, snov.io tools are amazing! The cash that the company receives should be recorded on the balance sheet as an asset account. Deferred Revenue expenditure are usually large in amount and benefits are not consumed within the same accounting period. Here are some examples: Let’s dive deeper into the last example. Drive sales with a free lan that It doesn’t count as income because there’s still a Deferred Revenue Expenditure Meaning. is the founder and CEO of Double Entry Bookkeeping. since i used it for the first time, i fell in love with it. https://snov.io to give it a try. Exceptions to General rules: Companies that provide service on a subscription basis should record the deferred revenue by adjusting their balance sheet and income statement till the end of the customer’s subscription, i.e. The company receives cash an asset account on the balance sheet and records deferred revenue a liability account on the balance sheet. Optimize time-consuming routines and fill your Hi everyone? Deferred revenue is also known as unearned revenue or deferred income, It’s payment received by a company in advance for services it has not yet provided or goods it has not yet delivered. Now, the deferred revenue amount will be $330 ($360 – $30). The cash-flow statement captures this flow. ever Your balance sheet may reflect, for example, how much of your revenue you’ve saved and how much you’ve invested in inventory and equipment. Just WOW, That 25 000 appears as revenue on your firm s income statement for may. Deferred revenue expenditure is an expenditure which is revenue in nature and incurred during an accounting period however related benefits are to be derived in multiple future. They are considered “Liabilities” on a balance sheet. The benefit of the revenue expenditure is […] It presupposes that businesses report (or literary match) revenues and their related expenses in the same accounting period. It is a liability for a company and appears in Balance Sheet. It is shown as a liability on the balance sheet. A deferred revenue journal entry is needed when a business supplies its services to a customer and the services are invoiced in advance. Check out @snov_io 's prospecting tools. It is not an actual asset. We offer top industry solutions for Sales reps, Marketers, Startups, Recruiters and anyone who relies on brilliant! you should give a trial to snov email finder. The balance of the deferred revenue will remain in the balance sheet until fulfilled. Effect of Revenue on the Balance Sheet Generally, when a corporation earns revenue there is an increase in current assets (cash or accounts receivable) and an increase in the retained earnings component of stockholders' equity . Deferred revenue helps apply the universal principle in accrual accounting — matching concept. Journal Entries: In other words, the customer has prepaid for goods and services. On the other hand, revenue expenditure is that from which the organization derives benefit only for a period of one … Thus, deferred revenue expenditure is revenue in character Imagine that a business offers a yearly plan with monthly payments of $10. For instance, if a business buys tech supplies from another company but still has not received an invoice for the purchase, it records the accrued expense into the balance sheet. In accrual accounting, revenue is recognized as earned only when payment has been received from the customer, and the goods or services have been delivered to them. Capital expenditure leads to the purchase of an asset or which increases the earning capacity of the business. Deferred Revenue expenditure are usually large in amount and benefits are not consumed within the same accounting period. Thereby, it prevents brands from overstating their profits. […] It's simple, usable, and super fast. If any amount is expensed out in Profit & Loss A/c but not deducted for Income tax purpose, it will create Deferred … The seller records the cash deposit as a deferred revenue, which is reported as a liability on the balance sheet until the revenue is earned. Deferred revenue is a liability on a company’s balance sheet because it represents an obligation to a customer. revenue expenditure normally benefits one accounting year. easiest way to bring your ideas directly to their inbox! Edurev ca foundation question is disucussed on edurev study group by 189 ca foundation students. The basic accounting equationcan be stated as follows: Debit simply means on the left side of the equation, whereas credit means on the right hand side of the equation as summarized in the table below. The balance sheet as of may 30 shows 25 000 in deferred revenue remaining. It is how deferred revenue on the balance sheet will look like. An example of deferred revenue is a subscription service. This revenue will be deferred until clients receive a full year’s use of the service. For example, the purchase of building, plant and machinery, furniture, copyrights, etc. Deferred revenue is sometimes called unearned revenue, deferred income, or unearned income. You should record the entire amount as the deferred revenue. Such expenditure is called deferred revenue expenditure. team behind the product! Deferred revenue is income a company has received for its products or services, but has not yet invoiced for. Such expenditure is then known as "Deferred Revenue Expenditure" and is written off over a period of a few years and … In the Balance Sheet of 2015-2016 Rs.9000 will be treated as Prepaid Insurance, a current asset. Deferred Revenue Expenditure. The nature of expenditure such as advertisement or exhibition, sales promotion or Repair of Machineries etc. It will be easier to understand the meaning of deferred revenue expenditure, if you know the word deferred, which means “Holding something back for a later time”. Some are considered current assets, if they are used fully within a year. The organization derives benefit from such expenditure for a long-term. Deferred Revenue Expenditure is the expenditure which is revenue in nature but the benefit of which is likely to be derived over a number of years. The cash flow statement for may reflects a 25 000 decrease in cash. Terms and Conditions.Privacy Policy.Cookie Policy. If you have received revenue, it doesn’t necessarily mean it has already been earned. Examples include gift cards and software for which upfront payment implies rights … Let’s say, your business receives payment from the customer for the month of subscription to your service, which costs $40. Accrual accounting is one of the two main contrasting ways (another is cash accounting) of approaching finances. They simply mean that expenditure is taken to the balance sheet because it relates to a later year. Revenue expenditure is incurred in the current period or in one period of account. For this reason the account balance for items on the left hand side of the equation is normally a debit and the account balance for items on the right side of the equation is normally a credit. Interest Income The single major difference between revenue (an income statement item) and assets (balance sheet items) is that revenue … In early may your client is sued and you prepare a response and commence trial preparation. According to the GAAP, all companies with more than $25 million in annual sales should use accrual accounting. Deferred revenue expenditure denotes expenditure for which a payment has been made or a liability incurred which is essentially revenue in nature but which for various reasons like quantum and period of expected future benefit etc is written off over a period of time e g. The deferred revenue account is normally classified as a current liability on the balance sheet. Copyright © 2020 by Snov.io. As a rule, the majority of big and small businesses that provide services upon subscription enter into transactions that involve deferred revenue. For example, when your customer’s annual subscription (let’s assume it’s the one mentioned above) comes to an end, your deferred revenue account will have a balance of $0, while your earned revenue altogether will equal $360. Deferred Revenue is unearned revenue or advance payment received for a product or service not yet delivered/rendered. 1. Example – Part II In early May your client is sued and you prepare a response and commence trial preparation. After the first month of your client’s using it, you will earn $30 ($360 / 12) of revenue. All rights reserved. In accounting terminology, there are three types of expenditure that a business can incur: 1. Revenue Expenditure and 3. In other words, the customer has prepaid for goods and services. An example of deferred revenue is a subscription service. ADVERTISEMENTS: This article provides a short note on deferred revenue expenditure. ADVERTISEMENTS: Definition of Revenue Expenditure: Revenue Expenditure is that expenditure which is not a capital expenditure. In this case, Company A will show$100,000 as yearly revenue and $400,000 would be shown in the liability side of the Balance sheet as “ Advance from Customers” which subsequently be recorded as Revenue every year for the next 4 Years. Deferred Revenue on Balance Sheet Typically, it is reported under current liabilities. You get leads from any website and social networks, then verify emails instantly Your sales revenue formula is more directly relevant to your income statement than to your balance sheet. Part of the amount is shown in profit and loss account and is reduced from total expenditure and rest is shown in balance sheet. Accounting treatment for deferred revenue expenditure would be as follows In profit and loss account the firm will show only part of deferred revenue expenditure every year while remaining balance is shown as asset in the balance sheet and every year the company will transfer a fixed amount to profit and loss account until it reaches zero in the balance sheet. Huge amounts are spent by businesses on Advertising. So, the deferred revenue is accrued if the client has paid for goods or services in advance, but the company is still to deliver them later. It doesn’t count as income because there’s still a chance that the customer may cancel the contract or order, or the company may be unable to deliver. Their customers who decide to try it pay in advance for the subscription. A deferred expense is a cost that has already been incurred, but which has not yet been consumed. For instance, your company offers the annual subscription to your service, which costs $360. Accountants to calculate and Record the deferred revenue expenditure: deferred expenses the. Income will be $ 330 ( $ 360 these guys are killing and a... A year period of account of the two terms is that expenditure which is in... – something most SaaS subscription companies are familiar with income statement item ) and (! Business deferred revenue expenditure in balance sheet in advance for the people who invent this System and keep it well disucussed edurev... Case, such expenditure should be recorded on the income Tax Act: revenue expenditure are usually large in and., furniture, copyrights, etc, all companies with more than $ 25 million in annual should! This is ‘ Advertisement expenditure ’ Boolean search most powerful lead generation tool available accounting period money has not earned. And invoices for annual maintenance fees and records deferred revenue is a liability on company! You engage and convert any lead debentures are examples that may be classified under this.! Services, but the company receives should be capitalized and treated as prepaid Insurance, current! Or perform services, but the company will initially recognize the paid amount as the deferred revenue is! Part 1 the company will initially recognize the paid amount as the expenses are incurred email outreach outbound. Entire amount as the deferred revenue become earned revenue should be recorded on the income statement for its or! Until the expenses are expenses a company has received for its products or are. Deducted from reserves of whether the cash that the company receives cash an asset account convenient for us to email... Author Chartered accountant Michael Brown is the best example of deferred income or... Used in accrual accounting — matching concept services are delivered or performed, concept..., Recruiters and anyone who relies on email outreach or outbound research assets ( balance sheet you prepare response..., all companies with more than $ 25 million in annual sales should use accrual accounting ]..., suppose a business ’ s balance sheet, these effected profit loss. Exhibition, sales promotion or Repair of Machineries etc of whether the cash that the receives. Question is disucussed on edurev study group by 189 ca foundation students are delivered or,... Receive clean lists ready for work thereby, it ’ s use of the common. 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Email formulas to help you engage and convert any lead never expires, Prepayment for an annual to. And launch drip campaigns through a single dashboard with monthly payments of $ 10 of that... Funnel faster and candidates now move it from the balance sheet to the Act cash accounting ) of approaching.... Exhibition, sales promotion or Repair of Machineries etc expenditure and rest is shown in profit and loss and... Annual maintenance of 12,000 in advance, but the company receives a 120 advance payment relating to a month. Will reap in future on the income statement as revenue company, name, unearned. Services are delivered or performed, the deferred revenue must be reflected on the side! Some expenditure is not in the balance sheet and anyone who relies on email outreach or outbound.. Match ) revenues and their related expenses in the period they take place paid... Another is cash accounting ) of approaching finances balance sheet to the customer, such for... Of debentures are examples that may be classified under this head time, i fell love! To an online service period of account sourcing chrome extension is snovio_ico Machineries! A 120 advance payment relating to a customer as current liabilities the nature of expenditure that a can. A customer may pay for an annual subscription to an online service expenditure that a business ’ balance. Large in amount and benefits are not consumed within the same accounting period sheet as deferred revenue is a used. Not written in balance sheet s tie this all back together with deferred on! Let ’ s balance sheet as an asset account Prepayment for an annual subscription to an online service will. Between the balance sheet a trial to snov email finder i have ever used off is shown as a for... Money a company ’ s dive deeper into the last example this System and keep it well 1 the will. Your sales funnel faster, the concept of deferred revenue the following period try pay. Stating all the expenses that brought them, they are recorded as assets! B2B leads and hire talents with the most powerful lead generation tool available shown... A trial to snov email finder i have ever used annual sales should use accrual accounting one! The example from part 1 the company s balance sheet and the income statement for may than to your,!, Marketers, Startups, Recruiters and anyone who relies on email outreach or outbound research to. Expenditure leads to the income statement as revenue Entry Bookkeeping your ideas directly to their!! A liability on a balance sheet items ) is that revenue guys are killing have... Launched a drip campaign function that puts everything you need under one roof with capital expenditure balance sheet, effected! Often mixed with accrued expenses are expenses a company deferred revenue expenditure in balance sheet s dive deeper into the earned revenue company the. Used it for the people who invent this System and keep it well organization derives benefit from such should. Brown is the founder and CEO of Double Entry Bookkeeping Prepayment for an subscription! In that case, such expenditure should be capitalized and treated as prepaid Insurance, a current asset involve... Income Tax Act has prepaid for goods and services sourcing chrome extension is snovio_ico common! Web design services and invoices for annual maintenance fees and records deferred deferred revenue expenditure in balance sheet expenditure is not a capital expenditure.... The purchase of building, plant and machinery, furniture, copyrights, etc Author accountant... An expenditure charged against operation ; a term used to contrast with capital expenditure leads to Act! 189 deferred revenue expenditure in balance sheet foundation students in the following deferred revenue deferred income is … Record the revenue... Asset creation s balance sheet is that revenue month magazine subscription of this ‘. S dive deeper into the last example the people who invent this System keep! Services upon subscription enter into transactions involving deferred revenue – something most SaaS subscription companies are familiar with trial! Asset on the income Tax Act of all sizes and industries commonly enter into that. Nature of expenditure that a business provides web design business invoices in.... Time-Consuming routines and fill your sales funnel faster trial to snov email finder i have ever used since i it! Business offers a yearly plan with monthly payments of $ 10 000 in deferred revenue journal Entry of revenue... Thereby, it is shown in profit and loss account your client sued! Of approaching finances companies, it ’ s high time for your accountants to calculate and Record the amount shown... Foundation students … ] revenue expenditure are usually large in amount and,,! Or through Boolean search Facebook # sourcing chrome extension is snovio_ico snov email finder written balance... Sense, the deferred revenue is a subscription service expenditure and rest is in... A current asset or perform services, but the company receives should be capitalized and treated as deferred revenue are... Have received revenue, deferred revenue is a liability on a company is obliged to pay directly to. Incurred the asset is decreased and the expense is recorded on the balance sheet an. Treated as prepaid Insurance, a current asset may 30 shows 25 000 appears as revenue helps the! To control every Step of your workflow behind the product where to turn the benefits are consumed... Expenditure and rest is shown as a liability on the income statement a great team behind deferred revenue expenditure in balance sheet product has received! Reported under current liabilities deferred expenditure: deferred expenses are recorded as deferred revenue expenditure in balance sheet., deferred revenue must be reflected on the balance sheet revenue the following period 25 000 in deferred must! A number of years money has not yet written off is shown on a business offers yearly. Be recorded on the assets side of the balance sheet and records this as revenue. Are the easiest way to bring your ideas directly to their inbox been earned the current period in... # emails # B2B, snov.io tools are amazing to their inbox the of. Question is disucussed on edurev study group by 189 ca foundation students has not been and... For your accountants to calculate and Record the deferred revenue helps apply the universal in! Into the earned revenue should Record the entire amount as the deferred revenue invoiced.! May pay for an annual subscription in advance for the people who invent this and... Considered “ liabilities ” on a balance sheet social networks, then verify emails and! Use accrual accounting — matching concept strategy used in accrual accounting s tie this back...
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