21 May 2009
What will happen if at the end of financial year i receive a purchase bill of Rs.10,000.dated 28/03/09, but didn't receive goods till 31 st March.
Plz mention wt will affect on Balance Sheet and P & l a/c and what journal entry should i made for this.
22 May 2009
Other treatment would be to account for it as purchases since the bill is of that financial year and accoridngly follow the accrual concept. The following entry will be passed: Purchases A/c............Dr To Creditor A/c
Since purchase is booked, the goods would also be included in closing stock(as stock in transit).
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