Sales

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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?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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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.

Kaustuv

Kaustuv (Expert)
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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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