in which year sales is recognised of sale of goods on approval basis
on delivery of goods
or on approval of sale
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Sale of goods on approval
Replies (7)
Quick Summary
If at first delivered on delivery challan, you have option to consider sell on approval.
Even the revenye recognituon xinceys the same. Rwalised revenue or else accruals. Tje perfonace 9blogation is the key to every transaction.
Not necessarily.
I didn't get it
suppose a 10 TV are sold on approval basis on 25 dec 21 and firm get approval on 10 Jan 22 then which year this revenue belongs to ??
note - firm book closes on 31 dec
suppose a 10 TV are sold on approval basis on 25 dec 21 and firm get approval on 10 Jan 22 then which year this revenue belongs to ??
note - firm book closes on 31 dec
Financial year 21 22. If accounting year is Jan to dec
What software? Global settings define 16 months to record and manipulate older quarter.
I forgot to ask all prominent CA's here why does india operate in a non calendar year? I know why india lives heavily on taxes and it cant survive 9 months (till december) to collect taxes as per global years or calender years. India cant heavily rely on filings. They must have a strategy to cushion themselves. Crap sometimes my internet gets stuck and even my ipad doesnt work while blogging. I get tired to answer questions because keystrokes make errors.
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