Recognition of income

auditorravi (CONSULTANT) (44 Points)

12 February 2014  

One of our client sold good to Govt corporation and as per the agreement 50% payment will be on installation and the remaining amount in equal instalment of 4 years. At the end of 4rth year the ownership of goods transferred to the Corporation..When we have to account the sale and how to recognise the Revenue and in what proportion..

Your early reply is very much appreciated