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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- Relief u/s Section 89
- TDS Challan Code
- SGST balance is there in credit ledger how to adjust for cgst
- CCFS 2026 Schemed
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
