Purchses on transit

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Deepak vishwakarma (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

Deepak vishwakarma (Querist)
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28 December 2015 thanks sir for valuable reply

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