21 January 2012
if X ltd sells goods to y ltd for 100000 INR on 1st january 2011 and in return Y Ltd gives cheques of 25000 INR each for every month (that is 25th date of every month till april) . .
Query is : ON WHICH DATE SHALL I RECORD THE BANK CHEQUES AS RECEIPT ....?
23 January 2012
AS -9 states that revenue should be recognised when a. There is transfer of risk and rewards to the buyer b. There is certainty of receipt of money or in kind against the same.
If you are confirmed that the cheques will be honoured, then revenue should be recognised as soon as you sale the goods
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