REALISATION CONCEPT OF ACCOUNTING
ALL ABOUT ACCOUNTING :- 24th BLOG ☆☆☆ACCOUNTING☆☆☆ Hi freinds., 🙏 Today's discuss 7th concept of accounting.... So let's discuss ..... ★ REALISATION CONCEPT OF ACCOUNTING :- This concept states that revenue from any business transaction should be included in the accounting records only when it is realised. The term realisation means creation of legal right to receive money 💰. Selling goods is realisation, receiving order is not 🙅. In other words, it can be said that : ★[Revenue is said to have been realised when cash has been received or right 👍 to receive cash on the sale of goods or services or both has been created.]★ For eg :- (1). ABC TEXTILES received 📥 an order to supply some meter raw clothing 👔👕👖 worth ₹ 2,00,000...