suppose we have made a payment in advance for purchse amounting Rs 9,500 and Rs.500 discount as on 29 march 2012, and received goods as on 5 april 2012. now how will i pass journal entry in my books for 2011-12 and for 2012-2013 including vat. i want journal entries. please tell me according to matching principle and revenue recognition principal..... pls tell me journal entries with date.
and what about if sales in transit ..please explaind me i m very confused about treatment of discount according to prudence principle of accounting.....
CAclubindia
