Determination of accounting treatment
This query is : Resolved
29 May 2013
Our company had received 'Registration fees' from users having their account in our website and subsequently on achievement of desired volume company refunded the registration to users.
This refund is not always given and not for all users...
While making refund which account should be debited???
Please reply
This refund is not always given and not for all users...
While making refund which account should be debited???
Please reply
Rupesh Jain
(Expert)
22 June 2013
it is better to fix wha % of total volume
be refunded.
then you take provision
and when you refund amount debit the provision.
or
debit the income you received
be refunded.
then you take provision
and when you refund amount debit the provision.
or
debit the income you received
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