Dear CCI Members,
M/s XYZ Pvt. Ltd. receives the purchase bill dated 21.08.10 but the purchase entry is passed on 31.10.10. The accountant explains that they record the bill once the payment is made. Is this method correct? If not, then what is he correct method? Please explain.
Thank You,
Regards,
Devendra Kulkarni
Bill date ( As given in the invoivce) will be the booking date not the date when you make payment nor you receive the bill.
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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Shaswat initial support private limited
Ahmedabad
CS
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CAclubindia
