Purchase bill entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2011 What will be the accounting treatment of purchase bills bearing date 04.04.2011 but received on 05.04.2011 while material of that bill already received on 25.03.2011 on challan. In what period will the purchases be recorded and what will be the treatment as entry ?

Kumar Babu.G

Kumar Babu.G (Expert)
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23 August 2011 We have to pass entry only after receiving invoice.So in April only we have to pass entry.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2011 Bill can be booked on 5.4.2011.

But material already received already as on 31.3.11, so provision need to be taken on 31.3.11 and reverse the provision on 5.5.11 and book the original bill

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