Purchase of free of cost goods
This query is : Resolved
m. yashodhara
(Querist)
18 December 2015
Dear Sir,
We have made CST Purchase of Goods from M&M Ltd., we have entered the same in VAT returns as CST Purchases. After that it was notices that the Goods are sent Free of Cost and it was not reflected in the A/c Copy of M&M Ltd. How we can account for the Free of Cost Goods in Accounts.
We have made CST Purchase of Goods from M&M Ltd., we have entered the same in VAT returns as CST Purchases. After that it was notices that the Goods are sent Free of Cost and it was not reflected in the A/c Copy of M&M Ltd. How we can account for the Free of Cost Goods in Accounts.
CMA Ramesh Krishnan
(Expert)
19 December 2015
If the goods given for replacement then you can enter the value of goods which replaced. else account the goods with nominal value Rs.1 or Rs.10
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