Date of Purchase Bill

This query is : Resolved

Devendra (Querist)
Follow

23 February 2011 M/s XYZ Pvt. Ltd. receives the purchase bill dated 21.08.10 but the purchase entry is passed on 31.10.10. The accountant explains that they record the bill once the payment is made. Is this method correct? If not, then what is he correct method? Please explain.

Thank You,
Regards,
Devendra Kulkarni

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

23 February 2011 Purchase bills need to account based on GRN(Good received Note) raised and invoice recived from the vendor, accounting on payment basis not as per the Accrual basis of accounting Principle

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Angadi & Co

SHUBHANGI GOEL

SUMAN SAHA

AJAY Kumar Agrawal

Pawan Haryani

Subscribe Now

Date of Purchase Bill

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Manager- Finance and Compliance

Accountant

CA Final

GST CONSULTANT

Article Assistant