Audit of purchases

Save Share

This query is : Resolved

sreekanth p d (Querist)

26 June 2014 Dear sir,
Suppose in invoice the type qty are showing like this..
1.qty-A-5
2.qty-B-10
3.qty-C-5.
But they received like this
1.qty-A-5 2.qty-B-5 3.qty-C-10.

Any how excess qty of c will replace the aty A.
BUT THE THING IS COST IS DIFFER.
HOW SHOULD I TREAT.

Guest

Guest (Expert)

26 June 2014 whatever the bill is ... you must treat the right thing in a right way..

you must correct the bill as the items received by you

we usually receives many bills of these type of quantity error along with rate differene...

so we deduct amount after calclutaing the actual amt what it should be and then enter the bill in our books

Guest

Guest (Expert)

26 June 2014 for audit purpose

you can get confirmation from the party

or check the receipts of differenece quantity there off

Message likes : 1 times

sreekanth p d

sreekanth p d (Querist)

26 June 2014 Sir actually company getting profit only.
That means...
Rs.5/- qty they are getting 3/-.
They are telling that it is a vendor mistake,
any how it is profit only.
As an Auditor how can we treat that?

Guest

Guest (Expert)

26 June 2014 whatever dear whether its profit or loss u cant do wrong...

u had to enter the bill and amount as per the original item received not on the basis of bill

sreekanth p d

sreekanth p d (Querist)

26 June 2014 But they are paying lower amt no..
How can they increase cost of purchases without paying the amount to vendor..

Guest

Guest (Expert)

26 June 2014 why they are not paying it to vendor...

better u either decrease the rate if u hadnt send any po

or if u had send any purchase order with the old rate

then put a entry of discount received by difference of old to new rate

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now