Revenue Receipt
Revenue
Receipt
Amount received in the course of normal business
transaction is treated as revenue receipt.For example, sale proceeds of goods
are revenue receipt, discount received. Commission received, interest on bank
deposits, annual subscriptions, general donation, entrance fees, sale of old
newspaper, locker rent etc.
Revenue receipts are the rights of a business to
compensation resulting from normal business operations and are recorded when
the business has earned the right to receive them . These receipts are
recurring and will affect the business's profit or loss on the income
statement. Generally, this means that once goods are delivered into the hands
of the customer or services have been substantially provided, the business has
earned the revenue. However, rents and interest payments received are also
considered revenue receipts. Regardless of whether cash is received or an
accounts receivable balance is increased, these are still called revenue
receipts.
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