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.
CA Ashok Kumar Sahu
(Expert)
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.
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
- Nursery business
- Tax on Amount transferred in HUF Account
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Intimation under section 245
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- 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
- Sales of goods of amount Rs97 lakhs to a party
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
