Purchase Recognition
This query is : Resolved
14 July 2009
When are import purchases to be recognised?
1. On the date of invoice
2. On the date of GRN
3 .on the date of clearing charges bill(if received through courier
1. On the date of invoice
2. On the date of GRN
3 .on the date of clearing charges bill(if received through courier
15 July 2009
Actually I have been confronted with the said question in the recent past> I am of the opinion that whether it is sale or purchase it is supposed to be recognised when the same is complete as per the applicable terms of the contract of sale/purchase. It may sound cumbersome but in all cases of deviation the contract terms in purchase order have to be seen to see as to decide the relevant date of recognition
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