Entry to be passed in tally

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 What entry should i pass for a purchase where the stock is received but the bill for the same has not been received.

Akash Barman

Akash Barman (Expert)

16 March 2014 pass entry when the invoice is received.

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 and if bill is received in advance and stock is received later

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

21 July 2024 Certainly! Here are the entries you should pass in Tally for both scenarios:

### Scenario 1: Stock Received, Bill Not Received Yet

When you receive stock but haven't received the purchase bill from the supplier:

1. **Debit (Stock-in-Hand Account)**: Increase in your stock due to receipt of goods.
- **Account**: Stock-in-Hand (or specific inventory account)
- **Amount**: Total value of goods received

2. **Credit (Supplier Account)**: Liability to the supplier for goods received but invoice pending.
- **Account**: Supplier's Account (Accounts Payable)
- **Amount**: Total value of goods received

#### Example:
Suppose you received goods worth Rs. 50,000 from a supplier without an invoice:
- Debit: Stock-in-Hand (or specific inventory account) - Rs. 50,000
- Credit: Supplier's Account (Accounts Payable) - Rs. 50,000

### Scenario 2: Bill Received in Advance, Stock Received Later

When you receive goods after receiving the purchase bill in advance:

1. **Debit (Supplier Account)**: Reduce the liability to the supplier since the goods are received.
- **Account**: Supplier's Account (Accounts Payable)
- **Amount**: Total amount for which the bill was received in advance

2. **Credit (Stock-in-Hand Account)**: Increase in your stock due to receipt of goods.
- **Account**: Stock-in-Hand (or specific inventory account)
- **Amount**: Total value of goods received

#### Example:
Suppose you received a bill for Rs. 50,000 in advance from a supplier:
- Debit: Supplier's Account (Accounts Payable) - Rs. 50,000
- Credit: Stock-in-Hand (or specific inventory account) - Rs. 50,000

These entries will correctly reflect the transactions in Tally, ensuring your inventory and accounts payable are accurately recorded based on the timing of stock receipt and invoice issuance. Adjustments can be made when the actual invoice is received or goods are delivered, ensuring your financial records remain precise.

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