28 June 2010
Accounting entry for recording purchase - for example goods receipt on 30th March 2010 whereas invoice received on 10th April. Please clarify when the purchase will be booked i.e on 30th March or 10th April?
28 June 2010
Thanks for ur reply but we received goods physically on 30th March while invoice received later. I feel in this case Goods in transit accout not to be debited.
28 June 2010
Purchase Booked on Goods recd date. at the time of delivery collect Invoice and G.R. form transporter. without Invoice / challan material can not move.
29 June 2010
iF YOU HAVE RECD GOOD IN 30TH MARCH, THEN PURCHASE WILL BE BOOKED ON 30TH MARCH ITSELF. AS YOU TOLD INVOICE DATE IS ALSO 30TH MARCH , THEN IT HAS NO IMPACT WHEN YOU HAVE RECD INVOICE.
CAclubindia
