Purchase overrated last year
This query is : Resolved
Suman Jain
(Querist)
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.
Suman Jain
(Querist)
05 April 2019
Noted sir. Thank you.
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