sales return
This query is : Resolved
22 April 2008
I had sold goods in the month of Jan’08 and same were return in April’08.In this case I would like to should we give the effect of sales return FY07-08 or FY08-09.Can we adjust sales return in FY07-08 till the audit is finalized.
22 April 2008
see this depend upon your inovice date if you have raised the invoice in the finanical year 2007-08 then it will be taxable in that year if you are following mercantile basis of accounts.
23 April 2008
Though even, if u have not invoiced in the last year, u can show it under notes to accounts as "Events Occurring After The Balance Sheet date"
23 April 2008
Sales invoice was raised in FY07-08 and returns were made in FY08-08.Then i which year we have to pass the accounting entry
23 April 2008
Definitely in the year 08-09
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