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
S.Srinivasaraghavan
(Expert)
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
S.Srinivasaraghavan
(Expert)
30 October 2008
If he follows accrual system then the income is recognised only when the tour commences.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Oct 2025 Invoices
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Taxation of crypto futures in India Fy 2026- 2027
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- 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
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
