Income will only be recorded when it will received an no entry on contract.
Entry at time of received:
[Debit] cash / bank
[credit] income
Unearned service revenue is that amount which company has received from client in advance but actual goods or service is payable in future like repair and maintenance contract with client etc.
ISTISNA is an sales contract, in which the client orders to the manufacturer to manufacture, construct or make something according to the specifications provided. This is an exceptional to the Islamic rules because goods are not existing at the time of contract. This contract can not be made for natural goods.=Payments for the goods and commodities can be made in advance, in future at the time of delivery, or future delivery and future payments in installments.==Istisna can be used for financing the manufacture or construction of houses, plant, projects, and the building of bridges, roads and highways=
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1) forward contract is not standardised one..it is only traded in OTC(over the counter) where as future contract is a standardised one it is traded in Secondary Market
A futures contract is a contract setting the price and date for a commodity purchase.
In most cases, future inheritance cannot be subject to a contract of sale as it is not considered a present asset or property owned by the individual at the time of the contract. Future inheritance is uncertain and contingent on the death of the benefactor, making it difficult to legally include in a contract.
debit deposit for future subscriptioncredit cash / bank
i need it for my future use Journal is where you put the important things in your life and when you look at it you will be taken aback in the past and remember the sad or joyful things that happened in your life and you could use it in your future.
A contract to deliver a particular commodity to a buyer sometime in the future.
Please consult the publisher or the author directly for information on any potential future installments of the Malory Towers series.
Stock options are a contract specifying a contract for a future purchase between two parties. The buyer has the option to buy at a future date and the seller, the obligation.
The future tense of "received" is "will receive." For example, "I will receive the package tomorrow."