Dear sir.
When to recognise revenue in CIF transaction where contract is document through bank in export sales????
Date of invoice - 21/9/2010
Date of goods dispatched - 29/9/2010
Date of Bill of leding - 11/10/2010
Date of payment - 9/11/2010
And on what date foreign exchange convertion rate is to be taken????
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Pls help urgent
Replies (2)
Salee should be recognised on the date when goods have been dispatched. for determination of amount of sale in converted currency, exchange rate on that date should be taken.
In my opinion & as per AS-09 sale transaction should be recorded when risk and reward trasfred to third party with whom transaction was entered and consideration become certain for such sale.
and regarding foreign exchange, rate should be taken when payment was actuly made.
Regards
M.s.kabra
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