Journal entry
This query is : Resolved
K Venkatesh Shenoy
(Querist)
20 December 2014
company offered to its customer an offer as follows - buying of coupon worth Rs 1000/-, the customer can redeem the same for Rs 1050/- by buying the companies products
CA Kumar Mukesh
(Expert)
20 December 2014
Dear Mr. Shenoy, Revenue need to recognized by Rs. 1,000/- however you need to create provision for expected losses or discount on future sales. The amount of provision will depend upon previous experience and the Judgement of the organization
20 December 2014
As per AS 9 on revenue recognition you must book a provision for 50 and revenue to the extent of 1000,
Rupesh Jain
(Expert)
20 December 2014
you have to take revenue as lower by discount.
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