Accounting Entry- for purchase

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Mohit Goyal (Querist)
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28 June 2010 Accounting entry for recording purchase - for example goods receipt on 30th March 2010 whereas invoice received on 10th April. Please clarify when the purchase will be booked i.e on 30th March or 10th April?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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28 June 2010 IF INVOICE IS RECD ON 10TH APRIL I.E YOU HAVE MATERIAL ON 10TH APRIL .

IN THIS CASE YOU HAVE MADE ENTRY IN 31ST MARCH 2010.
GOOD IN TRANSIT DR.
TO PARTY A/C

On 10th april
Purhcase A/c Dr.
To Good in Transit.

Mohit Goyal

Mohit Goyal (Querist)
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28 June 2010 Thanks for ur reply but we received goods physically on 30th March while invoice received later. I feel in this case Goods in transit accout not to be debited.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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28 June 2010 Purchase Booked on Goods recd date. at the time of delivery collect Invoice and G.R. form transporter. without Invoice / challan material can not move.

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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28 June 2010 agree with Ram Avtar ji

CA Shiv

CA Shiv (Expert)
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28 June 2010
Practical view point:
It should be booked in month of March only....as goods are received and GRN prepared...

CA Sanat Pyne

CA Sanat Pyne (Expert)
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28 June 2010 purchase should be booked in the month of march

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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29 June 2010 iF YOU HAVE RECD GOOD IN 30TH MARCH, THEN PURCHASE WILL BE BOOKED ON 30TH MARCH ITSELF. AS YOU TOLD INVOICE DATE IS ALSO 30TH MARCH , THEN IT HAS NO IMPACT WHEN YOU HAVE RECD INVOICE.

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