Please Help: Basis of TURNOVER / REVENUE
Posted Date : 20-Nov-2012 , 02:00:54 pm | Posted By: Mayank
Category :
Accounts | Answers :
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Is it correct to book some vendors on sale/purchase basis & treat others by taking their net reciepts/income,if booking thru sale/purchase is necessary then under which act/ accounting standard? |
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| Posted By : Sweety Vohra |
03-Dec-2012, 08:44:33 |
| AS-9 revenue on sale will be recorded only when-
1) the risk and reward have been transferred to the buyer,
2) the recognition of revenue is certain.
So, if the risk has not been transferred or the revenue is uncertain, then the sale should not be recorded. |
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