Sales
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2010
A firm raised bill for difference in price for sales made in yearlier years. Then how to treat it?
09 June 2010
It is supplementary bill.
If balance sheet of last year is not finalzied till date of supplement bill raised, then you can stand balance of supplment bill at 31st March that Supplement bill is to be raised Dr.
To Sales A/c
in Current Year when you have raised bill
then
Party Dr.
To sales
Sales Dr.
To Supplement Bill to be raised
Otherwise, You can treat it as sales made during the normal course of business.
Other expert's views are solicited.
If balance sheet of last year is not finalzied till date of supplement bill raised, then you can stand balance of supplment bill at 31st March that Supplement bill is to be raised Dr.
To Sales A/c
in Current Year when you have raised bill
then
Party Dr.
To sales
Sales Dr.
To Supplement Bill to be raised
Otherwise, You can treat it as sales made during the normal course of business.
Other expert's views are solicited.
14 June 2010
If this is very infrequent and also non-material then in the current year, we can show this as a normal sales. But this is a frequent phenomenon and also exceeds materiality thresholds then, this has to be disclosed separately.
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