07 October 2013
Whether below statement is correct? In case of credit sale ownership is transferred at time of delivery of property and not at the time payment received.Hence as per AS-9 Revenue shall be recognized by seller at time of transfer of ownership and not payment received. I will be very much thankful to you.
At the time of making the sell if there is any uncertainty exist in the mind set of the seller towards the ultimate collection, the Revenue should be postponed till the the uncertainty Exists...
go thru this for complete conceptual clearance on AS-9
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