AS-9 REVENUE RECOGNITION
This query is : Resolved
25 May 2011
A TOUR &TRAVEL CO. WHICH ENGAGE IN BOOKING OF TICKETS & EARN SERVICE CHARGES THEEOF CAN BOOK INCOME ON TICKETS WHICH BOOKED IN MARCH-11 FOR MAKING TRAVEL IN APRIL & MAY-11.
i.e. bill date is of march-11 but travel date is of Apr & may-11
i.e. bill date is of march-11 but travel date is of Apr & may-11
26 May 2011
Book revenue as per bill date.
26 May 2011
Revenue from service transactions should be reecognised as and when service is performed, as in your case service is already completed when ticket is booked & deliverd thus it should be recognised in the month of March.
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