I receive a goods but bill not received till the end of the year,so what i treat for this Plz clarify about journal entry and effect of B/Sheet effect of Trading and also clarify about VAT treatment regarding this.
18 June 2009
You need to book entry @end of year as
Goods received but bill not received a/c Dr. xxx To Expenses Account Cr. xxx (in which first you master your account goods rece..... under sundry creditor and xxx amount will be without VAT or TAX if you know the amount else keep previous value of Material) In next year u must reverse the same entry and book the bill as regular.
CAclubindia
