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...
Hemant
(Consultant)
(63 Points)
Replied 22 April 2010
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
megha
(Working )
(71 Points)
Replied 22 April 2010
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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