In case of Goods in transit at the year end we used to show it in Current Assets and when Goods are physically received, then GIT is Credited and Purchase A/c is Debited. Since we have to issue Form C as per the date of Invoice which pertains to previous year (before any date of F/Year ending), hence, is it possible to book the expense in Current Year but Form C can be issued in Previous year date. How Form C will reconcile with VAT Return. Kindly clarify.
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