How to show if material supplied by the service receiver
This query is : Resolved
26 April 2022
Dear Sir,
In work contract they provided material instead of making payment. in such case what will be the entry?
In work contract they provided material instead of making payment. in such case what will be the entry?
26 April 2022
Debit material account
Credit service receiver account.
Credit service receiver account.
28 April 2022
Material account will shown in purchase a/c without bill can we show like that? we have to give qty details to auditor and the purchase a/c and GST amount wont get match know.
28 April 2022
Show the purchase of the material at Rs. 1 to record the qty in books.
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28 April 2022
Yes, you can show it record it as service receiver supplied material. No need for bill GST details. Account it on full value so that it can be considered as contract value received.
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