Regarding accounting of entry
This query is : Resolved
17 December 2013
Dear sir,
I have an doubt in journal & posting. If suppose i going to purchase vegetables for rs1000.by bringing the vegtables in auto it costs rs 120. shall i debit total vegetable costs including auto as 1120 or
vegetables dr 1000,
auto dr 120
to cash 1120.
whether it relates to materiality concept or some other else. kindly explain me the concept
I have an doubt in journal & posting. If suppose i going to purchase vegetables for rs1000.by bringing the vegtables in auto it costs rs 120. shall i debit total vegetable costs including auto as 1120 or
vegetables dr 1000,
auto dr 120
to cash 1120.
whether it relates to materiality concept or some other else. kindly explain me the concept
17 December 2013
Hi
Both cost should be booked separately, since Auto Exp. is more than 10% you can not ignore considering it to be immaterial.
Thanks//VaibhavJ
Both cost should be booked separately, since Auto Exp. is more than 10% you can not ignore considering it to be immaterial.
Thanks//VaibhavJ
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