Question
A software company enters into a ₹10 lakh contract
including installation and training. Installation is ₹8 lakh and training ₹2 lakh. Installation completes in March 2024 and training continues till May 2024. As per Ind-AS 115, how much revenue should be recognised by 31st March 2024?Solution
Revenue is recognised as control transfers. Installation completed, so ₹8 lakh recognised. Training is a separate performance obligation to be recognised later.
When the liquidation expenses are paid and borne by the transferee company, which of the following entry is made in the books of transferor company?
Goods worth Rs.100,000 taken by the owner for his personal use should be credited to:
Which ratio measures the efficiency of a company in using its assets to generate sales?
As per General Financial Rules, 2017 who has been given full powers to make their own arrangements for procurement of goods and services, that are not a...
Opening Stock ₹ 2,00,000
Closing Stock ₹ 2,20,000<...
Which of the following is a feature of Operating Lease according to Accounting Standard 19?
An asset is purchased for Rs.50,000 on which depreciation is provided annually according to the straight-line method, the useful life is 10 years and t...
Which of the following is a condition that makes a fixed budget suitable?
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What is the minimum amount of loan outstanding of a borrower or a guarantor who has committed wilful default , to be known as a Wilful defaulte r?
