Accounting treatment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2011 What will be the entry for this

At the end of Mar 31 we have received the material but the purchase bill is not given by the party , what will be the entry for this

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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01 October 2011 In such case just pass the entry

Purchase A/c DR
To Party A/c

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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01 October 2011 In the given case, you have to apply the principle of Substance over Form

where you have recievd the material and the document of purchase bill is immaterial in the given case

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CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)
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01 October 2011 no enrty will be passed at the time of receipt of bill, the amount of bill is to be booked on 31 st march