Accounting of purchases and sales
This query is : Open
29 October 2010
We are in Consulting and engineering business , previously we are purchasing materials for our projects and selling in the same month to customers ( not maitaining any stocks) Now this month we have purchased some materials for one of our project but sales invoice will be raised in next month after completion of implementation.
Can we take purchases in system and sales can take in next month? Is there any effect ? I known below mentioned effects 1. Purchases will be there without sales ( expenses without income)2.I think We need to maitain stock.
Any one can help me out how to take
Can we take purchases in system and sales can take in next month? Is there any effect ? I known below mentioned effects 1. Purchases will be there without sales ( expenses without income)2.I think We need to maitain stock.
Any one can help me out how to take
29 October 2010
Sir , every time you are doing smae thing , first making the purchase then pass the entry for sale. The only change is both the dates are in different month. just you the stock , and show it P/L as increase in stock and balance sheet as assets.
31 October 2010
When u purchase any item and it is not sold it remains in your stock at the cut off date
02 November 2010
we are not maitaining any stock previously we use to purchase materials and sale in the same month but this time our sales is depend on completion of work so we dont want to show stock in our books.
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