Advance revenue booked in the current year
This query is : Resolved
29 July 2024
Hi
Revenue booked, GST Paid and payment received during the FY 2023-24, the actual services were delivered in 2024-25- how to account the entry?
FY 23-24 - Revenue (Sale-P&L) Dr.
Deferred Revenue(Current Liability) cr.
FY 24-25 - Deferred Revenue Dr
Revenue CR
Is it Correct?
Thanks
Revenue booked, GST Paid and payment received during the FY 2023-24, the actual services were delivered in 2024-25- how to account the entry?
FY 23-24 - Revenue (Sale-P&L) Dr.
Deferred Revenue(Current Liability) cr.
FY 24-25 - Deferred Revenue Dr
Revenue CR
Is it Correct?
Thanks
29 July 2024
Instead of deferred revenue account it under Advance received (current liability).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- New Time limit for gst assessment for fy 2017-2018,2018-2019,2019-2020,2020-2021
- Query regarding table 17 of GSTR9
- Chemical and Appratus
- Pre-deposit @20%- appeal proceedings
- Esic and epf and tds
- GST on work Contract on KPTCL
- DRAFT OF DISSOLUTION OF PARNTERSHIP DEED
- APPLICATION FOR FILING REFUND OF SERVICE TAX APPEAL
- REGARDING Adjustments u/s 143(1)(a)
- GSTR9 REGARDING
- Eligibility with regards to DTVSV – 24 Scheme of Income Tax
- ELIGIBILITY WITH REGARDS TO DTVSV - 24 SCHEME OF INCOME TAX
- Eligibility with regards to DTVSV – 24 Scheme of Income Tax
- Ineligible ITC reverse - Reg.
- Which software to use for IT and GST practice
- Treatment in GSTR-9
- Is GST applicable to Dry Red Chillies purchased directly from the Farmers and sold directly to buyer
- Seeking Career Guidance: CA Background, Kidney Transplant Survivor, Ready to Rejoin the Workforce at
- GSTR 9C ERROR REPORT GENERATION
- GSTR9 entry relates to reclaim of ITC is already reversal made in 23-24
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
