Please Help: accounts
Posted Date : 19-Jun-2012 , 05:52:03 pm | Posted By: Arun Kumar
Category :
Accounts | Answers :
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Comments :
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A service providing company raise bill after completion of service, so they raise invoice 1st day of next month.Will they book the income from raise their service bill in Next fin year april. |
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Answers:
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 Answer by: Rishabh Upadhyay |
| In the next financial year
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| Answer by: CA VIKAS JAIN |
| If bill is raised in next financial year, then it will be the income of that financial year. recognitation concept of accounting.
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| Answer by: Vikash Kumar Jha |
| As per accounting standard income should be treated on the accrual basis concept
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| Comments |
| Posted By : Rishabh Upadhyay |
19-Jun-2012, 10:17:53 |
| As per accounting standards, you can book the income on accrual basis , in the year in which services were actually rendered, But from service tax point of view, bill is booked in next financial year, so the same will be treated as income of next financial year. |
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