- Original Poster
- #1
Hi There,
Two quick questions for you whizz kids out there...
Company is Limited Company - Partnership...
1. Company operates a split of payments....
I.e sell product at £100,000 but invoices at three stages, i.e. on delivery status:
40% with order
then 55% with despatch note
and finally 5%.. after they have taken delivery.
Should you recognise the whole sale in the month it took place, the full 100k.. or only the invoiced amount? little confused!
2. If partners A and B are taking £10,000 out of the business each month, this is simply classed as drawings?
Many thanks
Duck
Two quick questions for you whizz kids out there...
Company is Limited Company - Partnership...
1. Company operates a split of payments....
I.e sell product at £100,000 but invoices at three stages, i.e. on delivery status:
40% with order
then 55% with despatch note
and finally 5%.. after they have taken delivery.
Should you recognise the whole sale in the month it took place, the full 100k.. or only the invoiced amount? little confused!
2. If partners A and B are taking £10,000 out of the business each month, this is simply classed as drawings?
Many thanks
Duck
