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.
Chirag N Shah & Associates
Mumbai
CA Inter
View Details
O P Bagla & Co LLP
New Delhi
CA Inter
View Details
CAclubindia
