AS-9 Revenue recognition
This query is : Resolved
05 April 2009
We are selling power through IEX.We have to commit for power trading before one day. on 31st we have commited for giving power on 1st April. Whether we would recognise this income in 31st or in 1st April. Even if we reject for actual delivery on 1st but once we get revene for that and afterwards penalty will charge on us. Please suggest proper accounting.
05 April 2009
revenue can be recognised only when it becomes reasonably certain that collection will be made...
so u need to see the agreement wat it says...
but i believe it should be recognised on 1st april as revenue generating event took place on 1st april...
so u need to see the agreement wat it says...
but i believe it should be recognised on 1st april as revenue generating event took place on 1st april...
Message likes :
1 times
CA Sanat Pyne
(Expert)
22 April 2010
it should be recognised on 1st april.Because the event took place on 1st april.
Revenue does not recognise on the date of agreements but on the event occured.
Revenue does not recognise on the date of agreements but on the event occured.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
