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Accounting doubt

CA Final 620 views 2 replies

Wat will be the date of recognising purchases in case of import in following case?

Company has arranged an agent for imports...The seller sent goods on February 20(for example)..Agent invoiced to company as high sea sale on march 1...Goods reached our port before 31.03...but we have taken delivery on April

When shall purchases and liability (creditors for purchases) be recognised

Thank you

Replies (2)

on the date of invoice of agent the purchase is booked, 

Originally posted by : U S Sharma

on the date of invoice of agent the purchase is booked, 

yes agreed                    


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