At the end of FY I hv posted the entry of GIT Purchase as
GIT Dr.
Party A/c
For knock of this entry i hv 2 options.
Option.1---Reverse this entry on the next day means ( 1st day of next FY ).
Option.2---Knock off this at the time of actual Purchase.
Plz let me know which option is OK.
& Which section or circular it's mention.
As per my suggestions to you that You should go with OPTION 2.
Is It specify in any section or circular ...
Because i hv also consult this with my frnds & seniors bt didnt got any straight forward answer.
purchase a/c dr
to party a/c
being the purchase made from party but not received in actual but stock in transit
Dear sharma ji
Thanks for replying.
But
My query is not how to book GIT.or how to make entry of purchase.
It is how to treat provision of GIT in the next fiscal year.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
