Service firm accounts
This query is : Resolved
19 April 2023
Hello all, If a service firm receives advances in march 2023 which is the ending month for FY 2022-23 but the actual work will be start in the month of April. Where this revenue should be recognized?
If recognized in the month where it is received, then where it needs to be shown in this year's balance sheet?
Also what would be treatment for advances in march and april month?
If recognized in the month where it is received, then where it needs to be shown in this year's balance sheet?
Also what would be treatment for advances in march and april month?
CA R SEETHARAMAN
(Expert)
19 April 2023
Show it as advance in March.
Adjust the advance against work done in April.
Adjust the advance against work done in April.
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