Sale at midnight on 31st march
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 December 2012
Dear Expert
How to take sale if booked at midnight on 31st march when a/cs closed & sales &Invoices Auditor are there so how would take that sale as revenue or what?
How to take sale if booked at midnight on 31st march when a/cs closed & sales &Invoices Auditor are there so how would take that sale as revenue or what?
06 December 2012
SALE UPTO MIDNIGHT 12 IS RECORDED UNDER MARCH SALE & AFTER 12 IT IS RECORDED IN THE NEXT YEAR SALE. FOR RECORDING OF REVENUE YOU HAVE TO CHECK OUT FOR AS-9 CONDITIONS.
Amol S Joglekar
(Expert)
06 December 2012
This is the very common practice. Many countries having calender year as financial year and sale at mid night is very common in hotels, bars, motels etc.... especially on 31st December. Consistency principle is followed in such case in foreign countries.
06 December 2012
True, so can we have extension up to a day for bookin of sales?
Amol S Joglekar
(Expert)
06 December 2012
why a DAY... till the event lasts. But consistency must be maintained on "year on year" basis.
Message likes :
1 times
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
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
