ADVANCE FROM CUSTOMERS ABOVE 20,000
This query is : Resolved
15 July 2011
Dear Sir,
Its a practical situation in mobile market:
A Customer came from orissa for purchase of mobile phones and given 55000 cash advance on 31.03.2011. Due to non-availability of the required stock of mobile it was sold on 05.04.2011 when the shipment came.
1. The amount received from customer is shown in the books as advanced received as on 31.03.2011. Is this allowable.
2. If this is not allowed how can we treat this situation?
Its a practical situation in mobile market:
A Customer came from orissa for purchase of mobile phones and given 55000 cash advance on 31.03.2011. Due to non-availability of the required stock of mobile it was sold on 05.04.2011 when the shipment came.
1. The amount received from customer is shown in the books as advanced received as on 31.03.2011. Is this allowable.
2. If this is not allowed how can we treat this situation?
15 July 2011
This is allowed,
20000 limit arises only in cash payment
20000 limit arises only in cash payment
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