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?
U S Sharma
(Expert)
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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