We had sold the goods to party A of USA on 1.09.2010, but goods was first sent to Belgium for Some testing to some Technical institute from their they had beenshiped the good to party A of USA on 11.09.2010. This testing is done on our behalf. In this case when we will Book the sale in our books.
3 Replies
C.A. LINESH PATIL
(CA)
(910 Points)
Replied 04 October 2010
As per AS 9 sale should be booked when all the risk and reward related to goods are transferred to the buyer. and there is a surety of ultimate collection.
so its depends on case to case.so you must have checked the situation of your case.then accordingly book the revenue.but till the risk and reward are not transferred ,revenue should not be booked.
if in your case risk and reward of goods are transferred as on 1.09.10 then revenue must be booked as on 1.09.10.otherwise booked when risk and reward will be transferred.
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