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Query about : export sales booking.

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2012
Sir,
Please guide me about following export sale.

1)Exportable goods out from factory on
31st March.
2)Date of Air way bill is 31.03.2012

3)but date of shipping bill is 02.04.2012.

Pl.advice that the booking of Export sale will be for Fy2011-12 OR Fy2012-13.

With Regards
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
05 October 2012 Revenue recognition does not depend on what date shipping bills get generated. AS 9 focus on transfer of risk and rewards.
I thinks when you cleared your goods from factory, you are sure to transfer property in goods, hence can be accounted in FY 2011-12.

Even excise duty liability arises on removal from factory gate.
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