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Revenue Recognition

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(Querist)
03 September 2010 A School follows Receipts basis Accounting it received Advance fee Relating to Upcoming Year, Should it be accounted in this year ?
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sudhakar ca cwa

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sudhakar ca cwa (Expert)
03 September 2010 yes
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 September 2010 If it pertains to next year then book income in the year in which it relates to.
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