Answer / tari

Hi

Deferred income refers to suspension of revenue already receivable but has not yet met all the conditions for revenue recognition in that specific period as per IFRS 15 e.g. may be proceeds received for a sale of inventory but the inventory is yet to be handed over i.e. control is yet to be passed on. Accrued revenue on the other hand refers to anticipated revenue accounted for in the period but has not yet met the criteria for recognition. Accrual of future revenue is actually prohibited by IFRS

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit note for diffrence amount and he fix 5 % commision on sales value what is journal entry passed in tell with narration?

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