LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Turnover means...........

srikanth (accounts executive) (25 Points)

26 November 2011

Please let me know what extactly "Turnover" means and breify explanation also.

Reply
Follow
Share

5 Replies

Sanket (!..Live to Give..!) (16427 Points)
Replied 26 November 2011

the total amount sold within a specific time period, usually a year.

Turnover is often expressed in monetary terms but can also be expressed in terms of the total amount of stock or products sold.

srikanth (accounts executive) (25 Points)
Replied 28 November 2011

In service sectors how can we come up to turnover.

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 28 November 2011

In simple words turnover means the total sales reflected in your trading account with any adjustments such as returns etc.. in case of an business.

In case of service sector it means the total receipts on the Income side of the I&E A/c. Suppose if you are a CA & providing service relating to Audit,Tax etc.. then the receipts whihc you earn is termed as turnover.

But the term turnover is used only in case of an business. In case of person providing service the term Receipts earned is used

1 Like

Sanket (!..Live to Give..!) (16427 Points)
Replied 28 November 2011

Originally posted by : Giridhar S Karandikar
	In simple words turnover means the total sales reflected in your trading account with any adjustments such as returns etc.. in case of an business. In case of service sector it means the total receipts on the Income side of the I&E A/c. Suppose if you are a CA & providing service relating to Audit,Tax etc.. then the receipts whihc you earn is termed as turnover. But the term turnover is used only in case of an business. In case of person providing service the term Receipts earned is used

Agree With the Above Reply.... In Services The Total Receipts received during the year is treated as Turnover......

1 Like

Archana Das (CA Final student) (622 Points)
Replied 02 December 2011

Originally posted by : !..SaNKeT..!
	Originally posted by : Giridhar S Karandikar In simple words turnover means the total sales reflected in your trading account with any adjustments such as returns etc.. in case of an business. In case of service sector it means the total receipts on the Income side of the I&E A/c. Suppose if you are a CA & providing service relating to Audit,Tax etc.. then the receipts whihc you earn is termed as turnover. But the term turnover is used only in case of an business. In case of person providing service the term Receipts earned is used Agree With the Above Reply.... In Services The Total Receipts received during the year is treated as Turnover......