Friends
If a company has received an advance say during Fy 11-12 for rendering of service, should it transfer or how much to transfer to revenue on 31/03/2012 ? What are the factors to be considered ? I have gone through AS 9 but wanted to invite Your esteemed thoughts.
Regards,
Dear Dipjyoti,
Two Methods specified in AS-9 for Rev Rec of Services rendering activities:- 1) Completed Contract basis & 2) Proporation Completion of Contract.basis.
Services provided should be measurable for the period under consideration.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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Triveni Turbine Limited
Bengaluru
CA
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CAclubindia
