Revenue Recognition
This query is : Resolved
Roshan Bothra
(Querist)
04 July 2009
90% revenue recd on completion of contract & 10% will be recd after 1 year or after furnishing bank guarantee, Whether revenue recognised 100% or 90% on issue of invoice & bal 10% after recipt of payment
Bindu Madhav
(Expert)
04 July 2009
It should be recognised based on completion. If all the work is completed - you have to recognise 100% and the balance 10% will be receivables
CA Kartik Pandya
(Expert)
04 July 2009
reply of Bindu is absolutely in accordance with AS 7.
04 July 2009
agree with the expert
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