Provisions of as 9
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
if the ownership is transferred to the buyer but goods are still with seller and a fire broke out in the factory due to which goods are lost ,who is responsible to loss ?whether the seller or buyer
CA Sourabh Agarwal
(Expert)
04 June 2013
It means you have already recognised revenue. Risk is obviously of buyer.
But it depends on terms of agreement, if any, and accepted practices in your trade. It may happen in normal practice that risk is transferred on delivery to Buyer .
But it depends on terms of agreement, if any, and accepted practices in your trade. It may happen in normal practice that risk is transferred on delivery to Buyer .
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