How is the Interest Revenue Component recognized as per AS-9 in p&l for a Hire Purchase sale and an Instalment SalePlease give a live example and exhibit how p&l and Balance sheet figures will be disclosed
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Doubt on AS-9
Replies (2)
very sorry AS-9 WILL NOT BE APPLICABLE FOR HIRE PURCHASE TRANSACTION
SO PLEASE GIVE EXAMPLE FOR INSTALMENT SALE
Standard Says Revenue of sale price excluding interest should be recognized on the date of sale.
It also says interest should be recognized proprtionately to unpaid balance
can any one explain with simple example so that a lay man like me can understand
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