we have recognised revenue for Fy 2015-16 on a service contract for 5 Lakhs, but due to certian issues the customer claiming deficiency of service agreed to pay only 3 Lakhs. we issued a credit note for 2 Lakhs in FY 2016-17.
in the financial statements of 2016-17 / March 17 is it appropriate to reverse income as per AS9 or any standard is applicable.
CAclubindia
