Revenue Recognition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2011
If I have made delivery of goods to buyer on 29th March2011 and Invoice of the same is made on 1st April,2011, in which financial year the said sales Should be recorded?
30 May 2011
as your stocks got decreased before 31-03-11, you have to make invoice on 31-03-11 or before,
30 May 2011
As per AS-9, revenue has to be recognized as and when the seller has transferred to the buyer the property in the goods for a consideration. In that point of view, sales has to be recognized on 29th March,2011.
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