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Goods and inspection note late

This query is : Open 
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(Querist)
16 July 2013 what are the effects,on grin late . Does it effect revenue leakage or just affect co. to co. policy
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Ganeshbabu K

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Ganeshbabu K (Expert)
16 July 2013 It is not revenue leakage But it there will be problem with revenue recognition

Yes..While verification of stores we can observed that some of materials were received on or before 31.03.2013 but security gate entry was made on or after 01.04.2013

So list of observations can be made out of our review and we need obtain management explanation for delay in preparation of GRN as it may effect the expenses recognized in F.Y.

And Stock also will not updated in our books where as goods were already comes inside of factory.

Thanks & regards
ganesh babu k
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ashutosh

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ashutosh (Querist)
30 July 2013 thanks,sir
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