Please Help: accounts
Posted Date : 19-Jun-2012 , 05:52:03 pm | Posted By Arun Kumar
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.
Category : Accounts | Answers : 3 | Comments : 2 | Hits : 212
Answers
Answer By: Rishabh Upadhyay
In the next financial year
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.
Answer By: Vikash Kumar Jha
As per accounting standard income should be treated on the accrual basis concept
Comments
Rishabh Upadhyay
19-Jun-2012 , 10:17:53 pmAs 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.
CA Sagar saraswat
20-Jun-2012 , 12:04:19 amyes in the next f.y