13 April 2009
one of my client is having export business, where he had exported Rs. 18 Lacs value goods in the month of Feb 08 and the customer rejected half of the goods but stock was lying at them, and the my client supplied new goods in Nov 08 against same consignment . he had received Rs. 15 Lacs in Feb 08 . can he book his full sale in P.Y. 2008-2009 or half in earlier year and half in next year. please suggest
13 April 2009
ON basis of document like Credit note from Foreign party or Goods Return, one can book sales return on basis of such third party (foreing Party)documentation. Care should be take to form Sales return document.
13 April 2009
Pls look at your agreement entered with the party when the sale takes place. Since, the sale may take place after physically testing the goods. Further, accounting entry in your books of accounts is the year in which you exported goods only.
CAclubindia
