AMC
faru faru (b) (108 Points)
01 May 2011
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 01 May 2011
Since the AMC contract is time period basded, it should be accounted for on a proportionate basis (with time).
faru faru
(b)
(108 Points)
Replied 01 May 2011
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 01 May 2011
If interim accounts are prepared, then at the end of the first quarter, you should have 2,500 as revenue and 2,500 as advance from customers. In case no interim statements are needed, we can simply recognise the part of the AMC revenue that is due till the end of the current accounting period in the same period itself, which in thisd case would be the entire Rs. 10,000.
faru faru
(b)
(108 Points)
Replied 02 May 2011
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