ACCOUNTING ENTRYAS PER AS 9
This query is : Resolved
SATYAM VADHER
(Querist)
22 June 2010
EXPORT INVOICE DATE :-31.03.2010 AND BILL OF LADING DATE :02.04.2010.IN WHICH FINANCIAL YEAR SHOULD I PASSED THE ACCOUNTING ENTRY TO RECORD SALES.KINDLY REPLY
22 June 2010
Delivery is delayed at buyer’s request and buyer takes title and accepts billing
Revenue should be recognised notwithstanding that physical delivery has not been completed so long as there is every expectation that delivery will be
made. However, the item must be on hand, identified and ready for delivery
to the buyer at the time the sale is recognised rather than there being simply
an intention to acquire or manufacture the goods in time for delivery.
Please read the above paragraph which is part of appendix of As-9.
Sales is to booked on the date of export invoice i.e 31st march itself. BEcasue items are identified and ready for deleviery.
Revenue should be recognised notwithstanding that physical delivery has not been completed so long as there is every expectation that delivery will be
made. However, the item must be on hand, identified and ready for delivery
to the buyer at the time the sale is recognised rather than there being simply
an intention to acquire or manufacture the goods in time for delivery.
Please read the above paragraph which is part of appendix of As-9.
Sales is to booked on the date of export invoice i.e 31st march itself. BEcasue items are identified and ready for deleviery.
Rahul Gupta
(Expert)
22 June 2010
Agrred with Mr Bansal. In my view also, sales should be recorded on Invoice date, since goods are ready to be delivered and which is also confirmed by the Bill of Lading after 2 Days which can be considered as normal delivery methods for revenue recognition.
So Invoice should be booked on 31.3.2010.
So Invoice should be booked on 31.3.2010.
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