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Accounting of purchase

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(Querist)
12 July 2010 hello sir,

A co. imported goods on making of advance payment, so when should it book purchase i.e. at the time of making payment or when goods will be in its possession?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
12 July 2010 when goods recd in your factory
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madhav

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madhav (Expert)
12 July 2010 At the time of advance u make an advance payment entry and at the time of goods received against advance u make purchase entry.
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