Accounting doubt

Devendra (Chartered Accountant) (4775 Points)

05 July 2012  

M/s XYZ Pvt. Ltd. sold goods to M/s ABC Pvt Ltd. Later M/s XYZ submitted a Revised price quotation for the goods of the same consignment which was sold to M/s ABC Pvt. Ltd. in January 2012. But M/s XYZ Pvt. Ltd received the approval of the price revision for the same consignment in June 2012. Whether the sale in revised amount is to be shown in F.Y 2011-12 or in F.Y 2012-13?



Devendra Kulkarni