Recognition of Sales as per AS-9
This query is : Resolved
22 June 2011
Hello All Members,
Facts:
A company is selling a product to its clients with a option to recover the same in 36 installments. The agreement in this regard carries a clause that 'ownership of the goods would be transferred after the last installment'.
Issue:
When can the company recognise its sale?
Hello All Members,
Facts:
A company is selling a product to its clients with a option to recover the same in 36 installments. The agreement in this regard carries a clause that 'ownership of the goods would be transferred after the last installment'.
Issue:
When can the company recognise its sale?
24 June 2011
My dear, it seems to be hire purchase (AS 19). Hence amount of instalment due can be recognised as sales.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
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