Purchase overrated last year
This query is : Resolved
03 April 2019
The purchase amount last year was debited by 100 and payment was also made for the same.
Later in this FY we got to know purchases where actually for 80 and party also agreed to reimburse the same.
so, in my Accounts in profit and loss where do i show the same , as purchase cannot be adjusted as it pertains to last year and it has been finalised.
Later in this FY we got to know purchases where actually for 80 and party also agreed to reimburse the same.
so, in my Accounts in profit and loss where do i show the same , as purchase cannot be adjusted as it pertains to last year and it has been finalised.
04 April 2019
Prior Period Adjustments Schedule - Credit Rs. 20 and show in the schedule with negative sign under Prior Period Expenditure - (Purchase) ; Debit will be to Bank / Cash if money received or to Supplier Account if it is through Debit Note from your side on Supplier.
05 April 2019
Noted sir. Thank you.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
