FREIGHT & CST ON PURCHASE

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 HELLO ALL. I WANT TO KNOW DAT IF WE MADE PURCHASE AS OUR ROUTINE BUSINESS PURCHASE DEN ON DAT PURCHASE WE HAVE TO PAY SOME FREIGHT CHARGES AS INCLUDE IN ALL BILLS. SO CAN WE HAVE TO SHOWN IT AS FREIGHT EXPENSE OR MAY BE INCLUDE IN PURCHASE...?
I THINK IF WE ADD IT IN PURCHASE DEN TOTAL PURCHASE WILL BE INCREASE AND D FREIGHT EXPENSE WILL GET NO PLACE AND WHICH VIOLATE D TRUE AND FAIR PRESENTATION OF ACCOUNTS...SO PLZ CONFIRM ME WHETHER I HAVE TO SEGREGATE DIS EXPENSE OR NOT???
ALSO INPUT VAT IM SHOWING IN ACCOUNTS AS TRADER DEN WHT ABT CST PURCHASE..WHETHER I HAVE TO SEGREGATE CST OR INCLUDE IN PURCHASE????
WAITING 4 D BEST REPLY.....
RAKESH CHAUHAN
(MUKUND PATEL & CO. CA'S-ANAND)

CA SMR

CA SMR (Expert)
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13 August 2010 Freight can be shown separately as Goods/freight inward expenditure.Many organisations adopt the policy of inventorising the freight inwards and show the same as cost of goods sold.
CST can be shown as purchase.

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