Recording of commission income
This query is : Resolved
Vijay Kumar
(Querist)
26 August 2013
Dear Experts,
I have raised a bill of commission income in july'13 but this commission income pertaining to June'13 as we get commission for services giving to party for getting sales order in June'13
I want to know that if the commission invoice raised by us in july'13 for that then it should be booked in june'13 or July'13 according to accounting concepts.
I have raised a bill of commission income in july'13 but this commission income pertaining to June'13 as we get commission for services giving to party for getting sales order in June'13
I want to know that if the commission invoice raised by us in july'13 for that then it should be booked in june'13 or July'13 according to accounting concepts.
26 August 2013
If you are following mercantile accounting method then you should book in JUNE 2013.
If you follwing cash system then when u receive cash u should book it.
If you follwing cash system then when u receive cash u should book it.
Vijay Kumar
(Querist)
27 August 2013
Dear Mr. Tushar,
It does not matter whether the the bill raised on july'13. can we book this in july ?
and cash received in august'13 against this invoice
It does not matter whether the the bill raised on july'13. can we book this in july ?
and cash received in august'13 against this invoice
27 August 2013
Follow accounting standard-9 revenue recognition in this case also.
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