Sale of goods on approval or return basis

SRINIVASA MURTHY (CA Job) (29 Points)

31 March 2015  

Dear Fellow Members

 

Please clarify some aspects with reference to sale of goods on approval or return basis

1. What would be the accounting entries in Supplier books. (as per IFRS 18 we do not recoginise revenue till material gets approved by customer)

2. what would be the accounting entries in the books of customer

regards

murthy