Basic query in accounting
This query is : Resolved
pavankumar
(Querist)
07 October 2013
Whether below statement is correct?
In case of credit sale ownership is transferred at time of delivery of property and not at the time payment received.Hence as per AS-9 Revenue shall be recognized by seller at time of transfer of ownership and not payment received.
I will be very much thankful to you.
In case of credit sale ownership is transferred at time of delivery of property and not at the time payment received.Hence as per AS-9 Revenue shall be recognized by seller at time of transfer of ownership and not payment received.
I will be very much thankful to you.
07 October 2013
only if it is certain that amount shall be received with full certainity else it should be postponed till it is actually received.
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CA Pallav Singhania
(Expert)
07 October 2013
Agreed with Expert,
At the time of making the sell if there is any uncertainty exist in the mind set of the seller towards the ultimate collection,
the Revenue should be postponed till the the uncertainty Exists...
go thru this for complete conceptual clearance on AS-9
https://www.caclubindia.com/forum/as-9-in-simple-words-zindagi-me-kbhi-nahi-bhuliyega-174322.asp#.UlKJm9JHJe4
regards,
At the time of making the sell if there is any uncertainty exist in the mind set of the seller towards the ultimate collection,
the Revenue should be postponed till the the uncertainty Exists...
go thru this for complete conceptual clearance on AS-9
https://www.caclubindia.com/forum/as-9-in-simple-words-zindagi-me-kbhi-nahi-bhuliyega-174322.asp#.UlKJm9JHJe4
regards,
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1 times
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