Purchase bill entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2011
What will be the accounting treatment of purchase bills bearing date 04.04.2011 but received on 05.04.2011 while material of that bill already received on 25.03.2011 on challan. In what period will the purchases be recorded and what will be the treatment as entry ?
Kumar Babu.G
(Expert)
23 August 2011
We have to pass entry only after receiving invoice.So in April only we have to pass entry.
CMA Ramesh Krishnan
(Expert)
23 August 2011
Bill can be booked on 5.4.2011.
But material already received already as on 31.3.11, so provision need to be taken on 31.3.11 and reverse the provision on 5.5.11 and book the original bill
But material already received already as on 31.3.11, so provision need to be taken on 31.3.11 and reverse the provision on 5.5.11 and book the original bill
CA. Anoop Gadia
(Expert)
23 August 2011
purchase recorded on 4.4.2011
but should record upcoming goods as goods rec . for approval for physical verification.
but should record upcoming goods as goods rec . for approval for physical verification.
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