Revenue Recogination for Rate Differance Invoice
This query is : Resolved
24 September 2010
Please Advice:
Fact of Case :Company has raised the rate differance invoice on 02.04.2010.Original sales are made in 2009-10.
Query : Whether any sales provision is required to be made on 31.03.2010?
How it will be treated under income tax?
Fact of Case :Company has raised the rate differance invoice on 02.04.2010.Original sales are made in 2009-10.
Query : Whether any sales provision is required to be made on 31.03.2010?
How it will be treated under income tax?
24 September 2010
Ideally provision for rate difference should be created on 31/3/10 as the original sale is pertaining to FY 2009-10.
Message likes :
1 times
24 September 2010
Going by the financial year & accrual concept, the provision has to be made on 31.03.10.
Its also, because, you need get the confirmation from the party regarding the balance as on 31.03.2010 & if there is any difference (agreed by both party), the a provision should be created on 31.03.2010.
AS - 30
Its also, because, you need get the confirmation from the party regarding the balance as on 31.03.2010 & if there is any difference (agreed by both party), the a provision should be created on 31.03.2010.
AS - 30
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST ITC as per notification 12/2023- central tax
- Urd purchase entry in tally prime
- Form 144 TDS Return Validation Error – Mandatory Fields
- Applicability of tax on invoice
- LLP audit and disclosure
- Capital gains in IT returns
- Form 144 TDS Return Validation error
- Advances to related party
- TDS- 2026-27 Q1 Correction
- Ito add credit side of bank
- Employee secondment
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
