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April 2012

Gujarat Fluorochemicals Ltd. (31-3-2011)

By Himanshu Kishnadwala, Chartered Accountant
Reading Time 1 mins
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Revenue recognition: The company recognises sales when the significant risks and rewards of ownership of the goods have passed to the customers, which is generally at the point of dispatch of goods. Gross sales includes excise duty but are exclusive of sales tax. Revenue from carbon credits is recognised on delivery thereof or sale of rights therein, as the case may be, in terms of the contract with the respective buyer and is net of payment towards cancellation of contracts.

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