Revenue recognition
This query is : Resolved
13 December 2013
Dear Experts,
Please guide me on following.
If the goods are despatched on 30.3.2013 challan date is 30.3.2013 but the bill date is 12.04.2013 whether the income would be recognised in the f.y.12-13 or f.y.13-14.
Please guide me on following.
If the goods are despatched on 30.3.2013 challan date is 30.3.2013 but the bill date is 12.04.2013 whether the income would be recognised in the f.y.12-13 or f.y.13-14.
13 December 2013
The bill date is 12.04.2013 hence the legal ownership is not transferred in favor of buyer till that date & hence revenue should be recognized in the FY 2013-14.
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13 December 2013
Thank u sir.
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