pankaj (Financial Analyst) (41 Points)
05 September 2020Hello Everyone,
If you receive the Annual service maintenance of Rs.12000 on 1st Dec 2019 for next period. Suppose your accounting period is 1st April to 31st March. When you will show this revenue as per matching concept principle. Can you please suggest me guys.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 05 September 2020
If you have received it as advance payment for future services, recognise deferred revenue liability, this falls under accruals. Then once the service is provided in the next year, recognise it as revenue.
sabyasachi mukherjee
(27465 Points)
Replied 18 September 2020
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
