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Discussion < Accounts < How to recognise such situation and to do entry of that ?
Post Topic
students zone,CA Students
Arpit A. Shah


[ Scorecard :65 ]

How to recognise revenue in this situation ?

In some businesses some savings installment scheme runs to sale product by adding one more installment in all installments. Now how to record so much big amount of sale in one or two days...of whole period installment.

Example: A jewellery shops run such savings scheme of installment amount of Rs. 1000 for 11 months and by adding 1 more installment amount , in total of  Rs. 12000 sale gold to each customer in the end of scheme. Now if its run for 300 customers then in total it amounts Rs. 36,00,000. Now how to record such receipts/sale in the accounts???








AMITABH AGARWAAL, ADV.


[ Scorecard :899 ]

The installments so received can be entered easily as advances recieved [against sale]. On the date of delivery, the sales of Rs 12000.00 each can be shown as 12000 minus discount of Rs. 1000.00, resulting in the net receivable of Rs. 11000.00 [including VAT].


professional


[ Scorecard :109 ]

Normally point of sale is a point When Property of Goods transfers from one person to
another person. A jewelley shop transfers the title of goods only when party pays full amount as
agreed. so in my opinion sale is complete when all installments are received. till that point it is
only a advance from customer.there is no harm if you record big sale in one or two days .

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