3 Replies
Amogh Patil
(19 Points)
Replied 21 February 2019
Purchase shall be recognised as in similar to sales, that is when risk and rewards are transferred to the purchaser.
Giridhar S Karandikar
(Team Lead)
(7553 Points)
Replied 21 February 2019
purchase shud be recorded when the invoice is received from the seller
Ashwin Kumar
(1234 Points)
Replied 21 February 2019
the purchase should be recognized when the invoice is raised, payment is made or the party is debited in the books of accounts whichever is earlier
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