Is "advance received against supplies" is a revenue item?
3 Replies
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27191 Points)
Replied 30 November 2010
Not a Revenue Item
Its Advance.
and adjust accordingly from that ledger
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 30 November 2010
As per AS 18, 'advance' is considered as related party transaction. So does it include "advance against supplies" and "advance received back"?
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27191 Points)
Replied 30 November 2010
Yes,
As Per AS - 18 - Related Party Disclosures
Advance Received Also Covered and To Be Shown in Financial Statements.
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