Sales and Purchase

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MAYUR JOSHI (Querist)
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16 December 2009 A company has sold some goods to its sister concern in FY 2008-2009. Now in 2009-2010 the company would like to take back the said sold material.
Whether it could be possible to show it as a fresh purchase in our books? any accounting standards, norms, principles, policies on this issue?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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16 December 2009 if you are trader you can purchase it.

if you are a manufacturer then you can not purchase your Final product.

MAYUR JOSHI

MAYUR JOSHI (Querist)
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16 December 2009 will you pls. tell guide me is there any norms, guidline, standard that if i am manufacture so can not purchase.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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17 December 2009 You can see your Registration certificate to purchase of material list for manufacturing

Its not encluded in your registration certificate.

your final product manufactured by you. then why you shoul purchase you are not a dealer. you have not taken permission from sales tax/ excise department.

see your Registration certificate.

You can recd rejected goods or sales return only.

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