Freight exp on purchase should be the part of purchase cost?
This query is : Resolved
Nikhil garg
(Querist)
26 February 2014
I have purchased 2 type of goods. Goods X pur from local & freight exp paid to a transporter and Goods Y pur from party nd party had already paid freight exp to transporter and issue an invoice (inclusive of freight exp).
What should be the treatment of Goods X pur and Goods Y pur.
plz ensure the journals entries.
What should be the treatment of Goods X pur and Goods Y pur.
plz ensure the journals entries.
CA Parul Saxena
(Expert)
26 February 2014
No freight expenses should be seggreggated from purchase it should be recorded as direct expenses.
Nikhil garg
(Querist)
26 February 2014
but if invoice is inclusive of freight then ?
Nikhil garg
(Querist)
26 February 2014
We have to book our purchase as per our invoice. but invoice is inclusive of freight.
Nikhil garg
(Querist)
26 February 2014
We have to book our purchase as per our invoice. but invoice is inclusive of freight.
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