Explanation:
Article 279A dictates that every decision of the GST Council must be supported by a minimum of 75% (three-fourths) weighted majority of the members present and voting.
Under Ind AS 115, if an entity receives a non-refundable upfront fee and has no further performance obligations, when should the revenue be recognized?
A.Recognized immediately upon receipt of cash
B.Over the expected life of the customer relationship
C.Amortized over the contractual period of the agreement
D.At the point in time when the entity transfers control of the good/service
Explanation:
Ind AS 115 states that if an upfront fee relates to a good or service and there are no further performance obligations, revenue is recognized when control of that good or service is transferred.
Explanation:
Interest allowed reduces the actual bank overdraft (Pass book). To make the Cash book overdraft match this lower figure, it must be deducted.
No comments yet. Be the first to start the discussion!