Revenue recognition-sales
This query is : Resolved
24 March 2021
Sir,
My company exports goods on FOB basis and CIF basis. At the time of year ending, goods will leave factory compound before 31st of March but the bill of lading date will be after 31st March.
My query is can I show the goods as "sales in transit" and form part of sales.71EA
My company exports goods on FOB basis and CIF basis. At the time of year ending, goods will leave factory compound before 31st of March but the bill of lading date will be after 31st March.
My query is can I show the goods as "sales in transit" and form part of sales.71EA
CA R SEETHARAMAN
(Expert)
24 March 2021
The ownership of goods passed on to buyer only the goods were put on board the ship as per sale of goods Act.
So it can't be included in the sales.
So it can't be included in the sales.
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