Purchase bills of previous year
This query is : Resolved
22 August 2011
What will be the accounting treatment of purchase bills bearing date 31.03.2011 but received only on 04.04.2011.In what period will the purchases be recorded and what will be the entries in both the years????
23 August 2011
The date on which the bills are received can be entered in the accounts.
Kindly note that the goods covered by the purchase bills received by you on 4.4.2011 is not sold before 31.3.2011. If yes then you have to enter before 31.3.2011 by debiting goods and crediting the party. You can also pass this entry before 31.3.2011 as the your accounts are not finalised on 4.4.2011 by debiting the purchases and crediting to the party's account.
At the same time you have to take the purchased in closing stock if not sold before 31.3.2011.
Kindly note that the goods covered by the purchase bills received by you on 4.4.2011 is not sold before 31.3.2011. If yes then you have to enter before 31.3.2011 by debiting goods and crediting the party. You can also pass this entry before 31.3.2011 as the your accounts are not finalised on 4.4.2011 by debiting the purchases and crediting to the party's account.
At the same time you have to take the purchased in closing stock if not sold before 31.3.2011.
24 August 2011
If the goods are not sold till 04.04.2011,can we make the entry using goods in transit a/c for the year ended 31.03.2011???
16 May 2012
Apart from the bill date what is also to be seen is the date of receipt of goods. If the goods have been received on or before 31st March, then purchase should be booked on 31st March.
If however, the goods have not been received upto 4th, then you can book the invoice on 31st March and show goods in transit.
If however, the goods have not been received upto 4th, then you can book the invoice on 31st March and show goods in transit.
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