4 Replies
CA Mayank Gupta
(Chartered Accountant)
(95 Points)
Replied 11 October 2009
| Originally posted by :Mayank Gupta | ||
| " | Hi Everyone! Is It Right to book sales in the month of billing rather than in the month of providing services.Mine was a Case of Transporter Who Provides Service In For Instance -In April But Bills For It Next Month (May) & shows Them As Sales Of MAY Month! Whats UR Answer if Month Was of March & April? |
" |
Varun Malhotra
(Chartered Accountant)
(207 Points)
Replied 11 October 2009
As per accounting principle of revenue recognition for services, revenue is recognised once the service is provided. In your case, you should book revenue in the month you provide service rather than booking in forthcoming month.
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 12 October 2009
I think AS9 would also state the same thing what Mr Varun Malhotra has replied
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