Goods received on Challan

A/c entries 1604 views 2 replies

Please can anyone tell accounting entries for following:

When a company receives goods on challan at end of accounting period or account closing say on 31st march in evening and it is not possible to make entry of goods so late and since it shall be a part of physical inventory so how should the same be trated in books of account.

Is party account credited for the same and in which date - It would be of gr8 help if some1 could tell the flow of Accounting entries for the same

Replies (2)
You hv to pass the entry on same day if materail has recd at the time f closing of books of acounts if only challan u hv recd and the good in transit than u hv to take this in head of good in transist and considered as stock as on closing date of books Ramesh Kothari
Thanks Ramesh but can u pls be more clear regarding exact dr. and credit if goods are physically delivered


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