Export related

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2012 IF the Shipping bill on export is received in the month of March however bill of lading is received in April then as per AS9 export sales will be recorded in which month.

Mihir Doshi

Mihir Doshi (Expert)
Follow

24 April 2012 Go through the concept of Accounting Standard 9 rather than the Documentary procedure.

Bill of lading though wont be received by March but Shipping bill is done by month as well you dispatch and handover the goods by March then you should book the revenue in the month of March only as significant risk and rewards is transferred to the buyer by your implied act to transfer the goods.

Thanks
Mihir Doshi

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
Follow

24 April 2012 Date of bill of lading show the date on which goods is despatch.
As you said that bill of lading date is april.ie goods is despatch & risk and reward is transfered to buyer in April month.
so that revenue is reconosed in april month.as per AS 9

Message likes : 1 times

Upgrade to CAclubindia Pro. Subscribe Now!

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

24 April 2012 agreed with Hon'ble experts.......

i would like inform when the LEO date is given by Custom Department on shipping bill it will be counted for various Departments...

in your case March month will be counted...

regards,