A business vendor receives an order from a customer for the supply of a custom made machinery in the year 2013. The vendor designed, manufactured the machinery and supplied the same to the customer for Rupees 2,48,000 in the year 2014, the customer makes the payment in the year 2015 . Which accounting concept will govern this scenario , Accrual concept or Realisation concept ? And in which year the revenue will be recognized in the books of accounts ?
Answers
Explanation:
In mathematics, a rational number is a number such as −3/7 that can be expressed as the quotient or fraction p/q of two integers, a numerator p and a non-zero denominator q. Every integer is a rational number: for example, 5 = 5/1. Wikipedia
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Golconda was originally known as Mankal. Golconda Fort was first built by the Kakatiyas as part of their western defenses along the lines of the Kondapalli Fort. The city and the fortress were built on a granite hill that is 120 meters (390 ft) high, surrounded by massive battlements.Golconda was originally known as Mankal. Golconda Fort was first built by the Kakatiyas as part of their western defenses along the lines of the Kondapalli Fort. The city and the fortress were built on a granite hill that is 120 meters (390 ft) high, surrounded by massive battlements.