We had dispatch the material to Ernakulam, Kerala in 18 .01.18. Unfortunately, material was seized at Gujarat due to liquor supply alongwith material. We have pursue our case in Court amd material has been released on 22.06.18 and reached in our plant on 28.06.18. Now, we have again dispatch this material. What will be the entry in accounts books whether sale return or else? Please advice.
Either u can show sale return and make new invoice or show in books pre dated exceptional sale.
Have u showed the sale in GST return and piad tax on same?
I think writing 'seized goods returned' is a better option if you thereafter raise a new invoice for 2nd time dispatching.
If you are dipatching the goods with old invoice only, then no need to pass any fresh entry. Just normal sale entry passed earlier.
In my view, this is neither sales return, nor loss in transit, it is something not given anywhere in AS or Ind AS. So you can modify the words and go beyond AS or Ind AS for true and fair presentation, but remember to give a note regarding this.
Note: This is my personal view so any rectification is welcomed. After all we are here for good discussions.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
