Vendor bill 31st march - bill of entry on 1st april - year ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2015 Dear Sir / Madam,

Vendor bill is dated 31st March 2015- Bill of entry on 1st April 2015 and paid on the same day.

In which financial year should we account the bill.

I believe since, the bill is dated 31st march it accounted in previous year.

Please clarify

Thanks,

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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08 April 2015 vendor bill date doesnt matters much.. if u had received goods later on u can accountfall that in next financial year..

because in reality until on 31st marchm, u had only put order to buy, neither u had consumed the item, not u had paid for that...

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2015 Sir, But as per AS previous year bill cannot be accounted in current year..

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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08 April 2015 then how wil u justify a bill which has been sent by party on 31st march.. but received after 25 days...

we usually follows this practice that bill and items received after 1st april wil b accounted in next financial year...

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2015 Thank you sir, The bill is accounted by the vendor in previous year and we would receive it in current year. But when he gives credit based on his billing date.

Please share any articles or clarification on this regard.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 April 2015 actually bill is previous year and bill of entry date is 01 April 2015 henceforth transaction falls on financial year 2015-16

does not any clarification in this mater.agreed with the expert.

regards

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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24 April 2015 Thanks ramesh ji...!!!!

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 April 2015 thanks for comments BoHRA ji
Regards,

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