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Recognition of Sales as per AS-9

This query is : Resolved 
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(Querist)
22 June 2011
Hello All Members,

Facts:
A company is selling a product to its clients with a option to recover the same in 36 installments. The agreement in this regard carries a clause that 'ownership of the goods would be transferred after the last installment'.

Issue:
When can the company recognise its sale?
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shakuntala chhangani

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shakuntala chhangani (Expert)
24 June 2011 My dear, it seems to be hire purchase (AS 19). Hence amount of instalment due can be recognised as sales.
Regards, CA Shakuntala Chhangani
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