A mere journal entry
This query is : Resolved
29 June 2016
I booked a sale transaction and then goods loss is transit..now 1st ...am i simply reverse the entry ...but I think it gives wrong impact on BOA ....or 2nd...I book loss by transit as an expense ..please what will be the journa entry ..
#asimplepoint #asimpledoubt #ThankssinAdvance Experts :)
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29 June 2016
Gross Profit is the first INDICATOR.
Next is Net Profit.
Now in your query, it seems that "transit" seems to be the responsibility of seller. In that case, sale is not booked unless the goods are received by the purchaser.
Please clarify the situation.
Next is Net Profit.
Now in your query, it seems that "transit" seems to be the responsibility of seller. In that case, sale is not booked unless the goods are received by the purchaser.
Please clarify the situation.
30 June 2016
Yes, its responsibility of seller but person. has booked sales and shown in VAT returns...although that can be revise but how to rectify BOA
30 June 2016
in that case reverse the entry......
since the goods have not been delivered to the purchaser, sale entry is NOT required to be passed, although passed.
So? Reverse the entry
since the goods have not been delivered to the purchaser, sale entry is NOT required to be passed, although passed.
So? Reverse the entry
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