Problem_Please answer
As on 29.03.2012 (F.Y 2011-12) Rs 6000 paid as advance for purchase of goods from Mr X. Received cash Discount Rs.500 for advance payment. Whereas actual Purchase price was 10000. But invoice date was 30.03.2012. Goods was actually received as on 05.04.2012, because goods were in transit. I have paid excess amt of Rs 3500 when goods received.
Now how will i pass journal entry in my books for 2011-12 and for 2012-2013 including DISCOUNT, VAT @ 4%, GOODS IN TRANSIT.
I want journal entries. please tell me according to matching principle and revenue recognition principal..... pls tell me journal entries with date.
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