How to account for ?
This query is : Resolved
26 April 2014
Dear Sir
Please clear me the following:
When we wish to reject the goods to supplier or we wish to raise debit note or credit notes to supplier for the purchase of FY 2013-14 but these transactions
happened today i.e. in cur FY 2014-15.
How we treat this? Whether we should pass the dr/cr notes accounting entries in FY 2013-14 or in FY 14-15?
Till the due date i.e. 30.09.2014 we can pass the accounting entries in FY 13-14 is it correct ?
Is there any accounting standard in this regard ? Pls advice.
thanks
Arun
Please clear me the following:
When we wish to reject the goods to supplier or we wish to raise debit note or credit notes to supplier for the purchase of FY 2013-14 but these transactions
happened today i.e. in cur FY 2014-15.
How we treat this? Whether we should pass the dr/cr notes accounting entries in FY 2013-14 or in FY 14-15?
Till the due date i.e. 30.09.2014 we can pass the accounting entries in FY 13-14 is it correct ?
Is there any accounting standard in this regard ? Pls advice.
thanks
Arun
26 April 2014
Goods return should be shown when it is actually returned. So you should pass the entry today in books. Effect will be in f.y. 14-15.
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