As per AS-9 para 11 there are conditions which should be satisfied for recognition of revenue from Sale of Goods. Conditions are that all risks and rewards attached to the goods should be transffered to the buyer and effective pocession should exist with the buyer except the case where the delivery is pending on buyers reqest and collection of revenue against goods is certain.
In my case sales are done at CIF basis. All the liability and risks etc attached to goods are borne by seller upto dilivery. The goods are dilivered to the destination by the buyer by hiring a transporter. The buyer recoganises purchase only when goods are dilivered at the desired destination.
Few despathes were made near the close of Financial Year (on 29th , 30th and 31st of march 2010) which were recieved by the buyer after 31.03.2010.
My query is - When should i book my sales?
1. At the time of dispatch, or
2. At the time of reciept of goods by the buyer.
Please forward me any decided case law. (if there is any)
My id is ananthdel@gmail.com

I have a pvt ltd company into structural and engineering consultancy. I pay salaries to various engineers and designers which is very high. I have a query: Suppose I pay Rs 500000 as Salary to my engineers on monthly basis for the month of March which i'll debit to P&L a/c but the corresponding bill for the project on which they were working was booked in April. So what is the treatment for the salary for which no corresponding revenue is booked as per matching concept?

how 100% holding in subsidiary co. by holding co. is possible? as minimum 2 members are the basic requirement in company.
please send me quickly answer.

what is the difference between convergence & adoption of IFRS.plz reply me soon.

I want assistance in knowing were does LETTER OF CREDIT facility availed by company from financial instition be reflected in BALANCE SHEET & why ?

Sir,
ours is ahospital. and has a pharmacy connected to it. every month we pay Vat on the following basis: Vat on Sales minus Vat on purchases , say it is XXX. I pass an entry as follows: Vat a/c Dr. XXX
To bank a/c XXX

For purchases the entry: purchases a/c Dr.
To bank (amt including VAT)
and for sales it is Bank a/c Dr.
to Sales A/c (amt including vat) is this right? if wrong please give the correct entries. i hv read somewhere that vat input a/c, vat output a/c has to be opened. how is this done. or is it ok with what i am doing.

How to calculate EPS for example it is a private limited company my PAT was 100000 and PBT is 70000 and they declared a dividend of Rs.10,000 for directors and No. of Shares was 9500.

Can any body tell me which is a good book to refer for PCC exam for Accounting Standards.
It should be such that it can contain all questions in previous exams.

Respected Sir/Mam

Plz solve it...

We purchased a Mech. Rs 100000 from froeign country in Perivous Year. but We paid Rs.116000. Rs. 16000 in cuurent year due to Forign Exxchange.

What is Treatment of That Rs. 16000

1 Capitalised Or Not
2 If Capitalised then which year???

One of my client purchases goods on credit from his suppliers. The goods are received 20 days after the date of invoice i.e.the goods are received in the subsequent month of invoice. Whether the entry for purchase is to be posted on the invoice date or goods receipt date?