Purchase & sales

This query is : Resolved

nijam (Querist)
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28 December 2013 Sir,

I want to know if a dealer makes sales to us as on 28-03-2013 and we are receiving the goods as on 05-04-13 .

so how to take this entry in our books of accounts .

and also what will be the treatment of taxes like vat etc .

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 December 2013 purchases can be booked and to be shown in stock as goods in transit and VAT input can be taken.

nijam

nijam (Querist)
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28 December 2013 Sir,

then we will book the entry on the invoice date not on the receiving date of material?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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28 December 2013 This is done so that there is no mismatch in accounts of both the companies and also no mismatch of VAT credit.

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