Revised schedule vi - revenue from operations - (negetive)

This query is : Resolved

Hiren (Querist)
Follow

22 January 2018 company has issued Service Bill for F.Y 2015-16
in the year F.Y. 2016-17 company has reversal the bill
therefore
Revenue from operations for F.Y. 2016-2017 coming Negetive
Where to Show Revenue from operations.
in the Current year there is no new bill is issued so only reversal entry there in the FY 2016-17
Pls. Help.

CA Suresh Jain

CA Suresh Jain (Expert)
Follow

22 January 2018 Show negative revenue in P&L and in schedule to P&L detail to be given as Sales ........
Less Sales return (of previous year)................... The closing inventory shall increase by the cost or realisable value of goods returned