Revenue recognition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 March 2010
Lease rent relates with last year we received in this current year so in accounts how can we treat is there is any standard rules that previous years income we cant recongnise in this year or there is no such accounting rules.
26 March 2010
if you follow mercantile system of a/cing then make a provisional entry for lease rent receivable as on 31/3/--,
if follow case system then recognize when received.
no, any standard rules that previous years income we can't recognize in this year or there is no such accounting rules, but as per AS -5, if amt. is material then show separately as prior period items.
if follow case system then recognize when received.
no, any standard rules that previous years income we can't recognize in this year or there is no such accounting rules, but as per AS -5, if amt. is material then show separately as prior period items.
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