plz relief from this Quest?
This query is : Resolved
21 May 2009
What will happen if at the end of financial year i receive a purchase bill of Rs.10,000.dated 28/03/09, but didn't receive goods till 31 st March.
Plz mention wt will affect on Balance Sheet
and P & l a/c and what journal entry should i made for this.
Plz mention wt will affect on Balance Sheet
and P & l a/c and what journal entry should i made for this.
21 May 2009
Goods in transit a/c Dr
To creditor
In the b/s goods in transit will be shown under the head current assets.
In p& l a/c nothing will be shown.
To creditor
In the b/s goods in transit will be shown under the head current assets.
In p& l a/c nothing will be shown.
21 May 2009
Agree with Expert
22 May 2009
Other treatment would be to account for it as purchases since the bill is of that financial year and accoridngly follow the accrual concept.
The following entry will be passed:
Purchases A/c............Dr
To Creditor A/c
Since purchase is booked, the goods would also be included in closing stock(as stock in transit).
The following entry will be passed:
Purchases A/c............Dr
To Creditor A/c
Since purchase is booked, the goods would also be included in closing stock(as stock in transit).
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