Hi freinds.
When to recognise revenue in following export trasaction????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
And on what date foreign exchange convertion rate is to be taken????
CA Pratik Dharod (Bussiness) (178 Points)
15 December 2010Hi freinds.
When to recognise revenue in following export trasaction????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
And on what date foreign exchange convertion rate is to be taken????
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 15 December 2010
Date when the risk and control of goods is completely transfered .In such a case it should be on 29.9.2010.Wait for expert comments.See Your Accounting policy in this regard if contract is FOB it should be on date of despatch if it is CIF revenue to be recognised till it reaches buyers port and acknowledges the same for having received the goods
CA Pratik Dharod
(Bussiness)
(178 Points)
Replied 16 December 2010
In CIF transaction if buyer is not giving any acknowledgement then what to do?????
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