I do e-commerce business with flipkart, how should i account the invoice in my books based on the invoice date or order date.
Thanks
Mukesh
Menu
Sales
Replies (7)
account them at the time of delivery ie invoice date
when the goods deliver to customer.
It should be recorded at invoice date, not on order date
at the time of goods deliver and received payment against above order. but in this case its not possible hence you can made invoice when you generated means invoice date
The answer to the question is on the basis of provision contained in AS 9. As per AS 9 sales is recorded when all risk and rewards are transfered which means when invoice is made. however as per your previous experinces of returns you should also make provision for retuns.
In these businesses seller recive the payment after 15 to 20 days of delivery of goods but As per AS 9 Revenue will be book when risk and reward tranfered to buyer . Therfore, in your case revenue will be book on the date in which goods divered to customer.
Regards
CA ANKIT SACHDEVA
ACA, B.COM
ankit.k.sachdeva @ gmail.com
Recent Topics :
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
Related Topics :
CAclubindia
