Accounting

Dear all,

My Query is:

Goods recived  on - 25-03-10

Bill received dated 26-03-10 on - 10-04-10

Payment Made on - 10-04-10

What should be the accounting in both of the year.

Thanks in advance...

Replies (2)

The entry for the above transaction is as follows:

Good Receipt : (Only physically)

Stock Account Debit    

to Good Rece but Inv not Received

Then on receipt of Invoice:

Goods Rece but Inv Not Received Debit  

to Vendor Account

to Provision for Invoice Not received:

Then on Receipt of part Invoice:(10th April)

Provision for Invoice Not Received

to Vendor Account

As the goods had been received prior to end of accounting year, Purchase has to be booked. Or either u can make a provision  and adjust it in the next year..

 

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