16 October 2019
Hi all, Need a clarification from experts, ABC company had received goods on 31st march (says 20% to 30% of the total ordered goods ), but bill is not received till the year end. Here we know who is the vendor only but value or quantity of goods received is not clear as on 31 st march . how to account for the same in the books ( whether we had paid advance or not) for the year and whether we should consider the goods for year end stock audit (if so under what head to consider the said goods). pls clarify
16 October 2019
Since the stock is in the control of the company , the company should account for under stock / stock in transit. Company should have issued POs please adopt the same price for valuation.
CAclubindia
