Sales recognition
This query is : Resolved
07 March 2012
Can a company treat sales in its books although he has not raised any invoice yet to the customer but the goods has been delivered and advance payment is recd.
In other way goods delivered but not invoiced can be treated as sales ?
Please support your answer with relevant sections
In other way goods delivered but not invoiced can be treated as sales ?
Please support your answer with relevant sections
08 March 2012
Invoice is the basic document for sale, without which you cannot recognize the sale.
ACMA Obulirajan R
(Expert)
08 March 2012
You cannot recognise a sale in your books without raising Invoice. In your case it is a bad practice and the same will be objected by auditors.
Please refer Accounting Standard (AS) 9
Revenue Recognition...
Please refer Accounting Standard (AS) 9
Revenue Recognition...
CA Ghanshyam Joshi
(Expert)
08 March 2012
Please refer Accounting Standard 9 on Revenue Recognition.
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