Non refundable deposit - when to credit as income????
This query is : Resolved
28 January 2009
Non refundable deposit received on an agreemnet for 3 years
which of the below mentioned treatment are appropriate to recongnise revenue
1. treat it as income at the time of receipt
2. credit deposit as income over the period of contract.
kindly suggest the treatment which is in confirmity with AS - 9 and related IAS
which of the below mentioned treatment are appropriate to recongnise revenue
1. treat it as income at the time of receipt
2. credit deposit as income over the period of contract.
kindly suggest the treatment which is in confirmity with AS - 9 and related IAS
Deepak Agrawal
(Expert)
30 January 2009
2nd option
CA Nitin Wadhwani
(Expert)
08 February 2009
Depends upon method of accounting.
In case of cash basis, 1st method.
In case of Accrual Basis, 2nd method.
In case of cash basis, 1st method.
In case of Accrual Basis, 2nd method.
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