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Form f

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(Querist)
10 October 2011 Dear sir
I am receiving goods against Form "F". How i can treat this transaction in my account. Can i treat this as purchase and pass entry for Purchase or Open a HO account and pass a journal entry, for eg.

Goods a/c .........Dr
To Ho account.
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sharma.ctc@gmail.com

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sharma.ctc@gmail.com (Expert)
11 October 2011 Sale & purchase of goods against Form "F" is called consignment Sale & Purchase.

Please refer to the Consignment business transaction...

One more thing.. You are working as an Agent for the Company (so therefore its can't be HO)

You are entitle to get the commission only... which will goes into your Accounts and will affect your P & L
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MJ Krishnamurthy

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MJ Krishnamurthy (Expert)
12 October 2011 Mr. AK Singhal,
Now form 'F' has been abolished under CST Act 56. So these goods are to be treated as purchases only.
MJK




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