Accounting standard 11
This query is : Open
11 May 2012
hey experts..
Facts:
company is engaging in trading business, he purchase goods from india as well as outside india.
Query:
1)What is the treatment if goods purchase from outside india and it is still on the way or not received yet and payment has been made in advance,and invoice for this is already been received,
eg.
Value of Goods- 100000$
Date of Purchase- 1/1/12(rate 42 RS/$)
Invoice received- 1/2/12
payment details-
part payment - 60000$ on 1/2/12 (Rs/$ 43)
final payment- 40000$ on 22/2/12 (Rs/$ 44)
suggest-
1) When should i recognized purchase?
2) is it possible to recognized purchase in next year?
3) what should be the treatment as per AS 11?
4) Can we recognized payment as advance for purchase in last year, if yes then what is the treatment of fluctuation of rate as per AS 11?
5) what will happen if only part payment is made and final payment is made after 31 march?
plz do repaly...
Facts:
company is engaging in trading business, he purchase goods from india as well as outside india.
Query:
1)What is the treatment if goods purchase from outside india and it is still on the way or not received yet and payment has been made in advance,and invoice for this is already been received,
eg.
Value of Goods- 100000$
Date of Purchase- 1/1/12(rate 42 RS/$)
Invoice received- 1/2/12
payment details-
part payment - 60000$ on 1/2/12 (Rs/$ 43)
final payment- 40000$ on 22/2/12 (Rs/$ 44)
suggest-
1) When should i recognized purchase?
2) is it possible to recognized purchase in next year?
3) what should be the treatment as per AS 11?
4) Can we recognized payment as advance for purchase in last year, if yes then what is the treatment of fluctuation of rate as per AS 11?
5) what will happen if only part payment is made and final payment is made after 31 march?
plz do repaly...
11 May 2012
If you have not received the goods then how the dates of purchase and invoice are different!!
11 May 2012
sir, that date is invoice received date, and the purchase is been made from outside india,
but my main body of question is different..
but my main body of question is different..
11 May 2012
Dear Mr. Anurag,
I just want to confirm as the goods are not yet received by you, what is the meaning of purchse date in your question since it is different from the date of Invoice.
I just want to confirm as the goods are not yet received by you, what is the meaning of purchse date in your question since it is different from the date of Invoice.
12 May 2012
make it correct as date of purchase and invoice date same, then what will be the tratment?
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