Reversal of purchase or prepaid exp.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2011
Dear All
We have system to purchase material from china and then export it. At 31.03.2011 some purchase bills are received but sales against that purchase is not made/effected as on 31.03.11. Whether we should book the purchase as prepaid expense or we should not book it at all. Purchase Bills are dated 31.03.2011
We have system to purchase material from china and then export it. At 31.03.2011 some purchase bills are received but sales against that purchase is not made/effected as on 31.03.11. Whether we should book the purchase as prepaid expense or we should not book it at all. Purchase Bills are dated 31.03.2011
U S Sharma
(Expert)
20 May 2011
book the purchase, and keep the stock in transit,
10 June 2011
U S Sharma is right....
10 June 2011
Yes U s Sharma is right
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