Recording of purchase/sales returns
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2013
Sir,
while doing audit of a firm i observered that the Firm is issuing its Sale Invoice for the material that it is rejecting against its own purchases.And by this it is increasing its sales unnecessarily. In my opinion it is not a valid treatment of Purchase / Sales return.
What are your opinions on this point ?.
while doing audit of a firm i observered that the Firm is issuing its Sale Invoice for the material that it is rejecting against its own purchases.And by this it is increasing its sales unnecessarily. In my opinion it is not a valid treatment of Purchase / Sales return.
What are your opinions on this point ?.
20 April 2013
Actually, for purchase returns invoice must be generated both under excise and VAT and same should reflect under purchase returns.
If the company treating the same as sale, then the treatment is not correct.
If the company treating the same as sale, then the treatment is not correct.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2013
They have not maintained D3.
therefore they are recording all theres sales returns under head "purchases" against the debit note they got from the relevant party.
they are recording there purchase returns under head"sales" and saying that they have done so because they have issued the party there invoice .
please sir clarify me some more.
therefore they are recording all theres sales returns under head "purchases" against the debit note they got from the relevant party.
they are recording there purchase returns under head"sales" and saying that they have done so because they have issued the party there invoice .
please sir clarify me some more.
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