Goods in transit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2013
Dear Friends,
In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.
Regards
Saroj Pandey
In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.
Regards
Saroj Pandey
16 April 2013
Yes form C will be issued in previous year itself.
You can match and clarify with party ledger.
I think party ledger would be sufficient to match to authority.
Gorav Kumar Goyal,
G K Goyal & Associates
You can match and clarify with party ledger.
I think party ledger would be sufficient to match to authority.
Gorav Kumar Goyal,
G K Goyal & Associates
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