Revenue recognistion for Export Sales
This query is : Open
Kinjal B Shah
(Querist)
29 December 2010
Hi,
Can any one tell me when to recognise revenue in case of FOB & CIF export sales ?
Pls reply urgently.
Kinjal Shah
Can any one tell me when to recognise revenue in case of FOB & CIF export sales ?
Pls reply urgently.
Kinjal Shah
CA. vijay kr. sharma
(Expert)
31 December 2010
in case of sale of goods the revenue is recognised when properity in the goods is transfered to buyer in case of export sales it shall be the time Bill of lending.
Kinjal B Shah
(Querist)
31 December 2010
Hi,
Thnaks for the info.
Can any one give me detail explanation for this?
Thnaks for the info.
Can any one give me detail explanation for this?
03 January 2011
Free on Board - revenue recognized as soon as the goods leave factory gate (i mean handed over to the courier of transporter of cutomer)
CIF (Custom, Insurance Freight) - revenue recognized at the time of devlivery of goods at the factory gate or at the port (export) etc.
Hope it clarifies.
CIF (Custom, Insurance Freight) - revenue recognized at the time of devlivery of goods at the factory gate or at the port (export) etc.
Hope it clarifies.
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