Goods and inspection note late
This query is : Open
16 July 2013
what are the effects,on grin late . Does it effect revenue leakage or just affect co. to co. policy
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
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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