SALES RETURN
This query is : Resolved
17 December 2009
WHETHER SALES RETURNS AND CREDIT NOTES ISSUED FOR EARLIER YEAR SALE FOR WRONG BILLING, RATE DIFFERENCE WOULD BE ADJUSTED IN CURRENT YEAR'S SALE AFTER LAST YEAR'S BALANCE SHEET HAS BEEN FINALISED? WHAT ARE THE CONCERNED IAS REGARDING THIS?
-------------RANJAN CHAKRABORTI
-------------RANJAN CHAKRABORTI
18 December 2009
whether goods were sold on approval basis?
21 December 2009
CERTAINLY GOODS WERE SOLD ON APPROVAL BASIS AS PURCHASER CAN REJECT GOODS SOLD.
WHAT ABOUT RATE DIFFERENCE ? WHAT IS THE CONCRNED IAS AND IT'S PROVISIONS ?------
RANJAN CHAKRABORTI
WHAT ABOUT RATE DIFFERENCE ? WHAT IS THE CONCRNED IAS AND IT'S PROVISIONS ?------
RANJAN CHAKRABORTI
21 December 2009
CERTAINLY GOODS WERE SOLD ON APPROVAL BASIS AS PURCHASER CAN REJECT GOODS SOLD.
WHAT ABOUT RATE DIFFERENCE ? WHAT IS THE CONCRNED IAS AND IT'S PROVISIONS ?------
RANJAN CHAKRABORTI
WHAT ABOUT RATE DIFFERENCE ? WHAT IS THE CONCRNED IAS AND IT'S PROVISIONS ?------
RANJAN CHAKRABORTI
22 December 2009
Dear, there are many reasons for return of goods other than on sale on approval. Anyway, when the goods are sold on approval, at the year end, while finalising the a/cs, you need to pass the following two entries :
Sales A/c Dr. XX (at selling price)
To DFebtors A/c XX (only if included in sales)
Stock on Approval A/c Dr. XX (at cost)
To Trading A/c XX
You should not finalise the accounts without passing these two entries. As far as rate difference is concerned, if it was known upto the date of finalisation of A/c, it will go to related year,s P/l A/c else will be taken in the current period.As far as wrong billing is concerned, it is an error. Apply AS 5. Regards,
CA Shakuntala Chhangani
Sales A/c Dr. XX (at selling price)
To DFebtors A/c XX (only if included in sales)
Stock on Approval A/c Dr. XX (at cost)
To Trading A/c XX
You should not finalise the accounts without passing these two entries. As far as rate difference is concerned, if it was known upto the date of finalisation of A/c, it will go to related year,s P/l A/c else will be taken in the current period.As far as wrong billing is concerned, it is an error. Apply AS 5. Regards,
CA Shakuntala Chhangani
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
- Rent lease agreement
- Liable to deduct tds and 44ADA
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
