HELLO,
SUPPOSE YOU SOLD 10KG OF GOODS IN FY12-13 AND THE CUSTOMER INTIMATES YOU ABOUT A DEFECT IN THE GOODS AND INFORMS YOU ABOUT THE RETURN IN FY12-13 ITSELF(ALL CORRESPONDANCE TO THE SAME IS AVAILABLE).
HOWEVER THE GOODS ARE RECEIVED IN FY13-14.
SO WHEN DO YOU RECORD THE RETURN OF THOSE GOODS-WHEN YOU WERE INFORMED ABOUT THE RETURN i.e FY12-13 OR WEN THE GOODS REACH YOUR GODOWN i.e FY13-14.
P.S THE SALE WAS AN EXPORT.
sales return will be recorded in books of accounts, when documents of title of the goods is in possession of the seller i.e. bill of entry for home consumption is filed & sales return documents received by the importer.
Yes the entry for sales return would be recorded when the goods reaches india and the bill of entry for the same is filed .
CAclubindia
