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Unrecorded purchas of Previous year

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(Querist)
28 August 2009 Thanks for guidance. with regard to query : Material was received in F.Y. 2007-2008. But purchases were not recorded in the same year. Purchases are recorded in F.Y. 2008-2009. Whether it will make any difference?
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chetan soni

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chetan soni (Expert)
28 August 2009 this will make a difference. It should have been recorded in the f.y. 07-08,but it was not recorded.

Recording the same in the f.y. 08-09 would amount to prior period debit to p&l & same has to be reported in tax audit report.

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