Revenue Recognition
This query is : Resolved
29 October 2008
dear Experts,
At first i wish you a happy diwali,
sir i have a query-
1)A Tour Operator( Pvt Co.) who arranges foreign tours receives advances on 1/1/2008 for the tour which will commence on 15/04/2008.The tour operator makes profit out of some commission on Air tickets and also a service charge from customers.he follows accrual system of Accounting.
my specific query is when the tour operator should realise the revenue.
is it
(a)in the FY 07-08, on the date of receipt or
(b) in the FY 08-08 in the year in which the tour actually commences.
thanking you sir
At first i wish you a happy diwali,
sir i have a query-
1)A Tour Operator( Pvt Co.) who arranges foreign tours receives advances on 1/1/2008 for the tour which will commence on 15/04/2008.The tour operator makes profit out of some commission on Air tickets and also a service charge from customers.he follows accrual system of Accounting.
my specific query is when the tour operator should realise the revenue.
is it
(a)in the FY 07-08, on the date of receipt or
(b) in the FY 08-08 in the year in which the tour actually commences.
thanking you sir
29 October 2008
What is the methodology of accounting the operator employs?
29 October 2008
sir,
it is accrual method of accounting. i have already mentioned.
please reply sir
it is accrual method of accounting. i have already mentioned.
please reply sir
30 October 2008
If he follows accrual system then the income is recognised only when the tour commences.
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