Prasad (Sr. Manager) (617 Points)
16 June 2017we have recognised revenue for Fy 2015-16 on a service contract for 5 Lakhs, but due to certian issues the customer claiming deficiency of service agreed to pay only 3 Lakhs. we issued a credit note for 2 Lakhs in FY 2016-17.
in the financial statements of 2016-17 / March 17 is it appropriate to reverse income as per AS9 or any standard is applicable.
Lalit Nagpal
(Assistant Manager)
(541 Points)
Replied 20 June 2017
Revenue once recognised can not be reversed.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
