Purchses on transit
This query is : Resolved
Deepak vishwakarma
(Querist)
26 December 2015
One of my client, who is a Manufacturing Entity, Purchases Raw Material on 31/03/2015 and Invoice generated by supplier on that date, but material received on 05/04/2015.
whether this purchases show in F.Y. 14-15 financial statement or 15-16 Financial Statement ?
If show in F.Y. 14-15 which accounting head preferred?
whether this purchases show in F.Y. 14-15 financial statement or 15-16 Financial Statement ?
If show in F.Y. 14-15 which accounting head preferred?
CA R SEETHARAMAN
(Expert)
26 December 2015
If the material is dispatched and ownership of material passed on to buyer as per terms of purchase as on 31/03/2015 show the purchase in FY 14-15 under goods/material in transit.
Deepak vishwakarma
(Querist)
28 December 2015
thanks sir for valuable reply
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