Illustration 7

Accountancy

Bottom Ltd. entered into a sale deed for its immovable property before the end of the year. But registration was done with registrar subsequent to Balance Sheet date. But before finalization, is it possible to recognise the sale and the gain at the Balance Sheet date? Give your view with reasons. Revenue is the inflow of cash from sale of goods/serves/interest/dividend/royalties. Isn't immovable Property fixed asset? Video Details ------------- P1 - Accounting Standards - CA Inter AS 9 #11. Q&A - Part 2

V V

CA Inter

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21-May-25 23:23

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Answers (1)

Yes - its an item of PPE However to determine whether control is passed or not we use references to AS-9.

CA Suraj Lakhotia

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23-May-25 13:15