accounting of purchase
This query is : Open
16 January 2017
what is date for accounting the purchase ?? whether the date of invoice or date of entry into entity??
16 January 2017
date of invoice for accounting to be followed.
you can maintain seperate register for goods inwards
you can maintain seperate register for goods inwards
16 January 2017
but if you receiv the goods after 31st march for ex on 2april and my accounts have been finalised on April 1st then what is the solution
17 January 2017
It should be according to who bears the risk and rewards associated with the asset and when. Normally risk and rewards are transfered to the buyer when the goods are delivered at the entity. Most companies with a well established internal control system raise a goods received note before they recognize purchases in their books.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
