regarding un presented bill till end of P.Y
This query is : Resolved
17 June 2009
Plz clarify about following---
I receive a goods but bill not received till the end of the year,so what i treat for this
Plz clarify about journal entry and
effect of B/Sheet
effect of Trading
and also clarify about VAT treatment regarding this.
I receive a goods but bill not received till the end of the year,so what i treat for this
Plz clarify about journal entry and
effect of B/Sheet
effect of Trading
and also clarify about VAT treatment regarding this.
18 June 2009
You need to book entry @end of year as
Goods received but bill not received a/c Dr. xxx
To Expenses Account Cr. xxx
(in which first you master your account goods rece..... under sundry creditor and xxx amount will be without VAT or TAX if you know the amount else keep previous value of Material)
In next year u must reverse the same entry and book the bill as regular.
Goods received but bill not received a/c Dr. xxx
To Expenses Account Cr. xxx
(in which first you master your account goods rece..... under sundry creditor and xxx amount will be without VAT or TAX if you know the amount else keep previous value of Material)
In next year u must reverse the same entry and book the bill as regular.
19 June 2009
The Journal will be as follows:
Goods In transit A/c...Dr
TO Sundry Creditors A/c
Goods In transit A/c...Dr
TO Sundry Creditors A/c
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