Dear Members
If X receives goods from Y on 30 March 2017 but receives invoice on 4-Apr in respect thereof then how will accounting be done in books of both X and Y?
What will be the entries in two financial years involved?
regards
shivani
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Invoice received after fy
Replies (2)
anyone who can reply?
Seller- Y will record the sale as soon as risk and reward of ownership passes to buyer, generally as soon as goods are delivered. Thus, he will record it on 30th Mar, 2017.
Buyer-X will have to create an intermediary account "Goods received not invoiced" (GRNI) and pass the following entries-
1) Purchase
To GRNI on 30th Mar, 2017
2) GRNI
To supplier on 4th Apr, 2017
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