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wen to enter i purchase bill

CA DEEPAK BANSAL (ACA, B.COM(H) ) (61 Points)

08 November 2009  

wen should the purchaee bill should be entered

on the date of bill date or on the DATE OF STOCK RECEIVING

ALSO IF THERE IS MOTNH DIFFERENCE B/W BOTH THE DATES AND IT CAN EFFECT THE SALES TAX RETURN ALSO

 

PLEASE REPLY


 1 Replies

K.Pandiarajan (Asst General Manager Finance & Accounts)   (50 Points)
Replied 10 November 2009

The liability of the company start at the time receipt of material. If you enter on bill date basis, all the goods not received by you will be treated as goods in transit and current assets. If you enter on receipt basis only goods received is your current asset. For sales tax purpose it has to be enter on bill date basis.


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