In which financial year, will revenue be recognized in each of the following cases: 1. Advance received
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In which financial year, will revenue be recognized in each of the following cases:
1. Advance received from a customer on 31st December 2016. The goods are manufactured and invoiced on 1st April 2017.
2. Goods sent to a commission agent on 15th January 2017. Goods sold by the commission agent on 28th April 2017.
3. Loan of ₹ 10 million given to another company at 10% per annum on 1st March 2017 for a period of one year. The interest amount of ₹1 million deducted upfront from the loan amount. The loan is repaid in full on 1st March 2018.
4. A Limited sold some of its investments to B Limited for ₹15 Million on 30th November 2016 with an agreement to buy them back on 31st May 2017 at ₹16 million.
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