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Accounts

18 February 2010

Dear all,

We purchase a one Stabilizer (office equipment), but we lost the bill and also we cant get the duplicate bill from the party. Now what we have to do for passing entry and also for Auditing purpose????????

Thanks & Regards,

Vijay

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11 Replies

First!!!! (student) (162 Points)
Replied 18 February 2010

Originally posted by : vijaya kumar n

Dear all,

We purchase a one Stabilizer (office equipment), but we lost the bill and also we cant get the duplicate bill from the party. Now what we have to do for passing entry and also for Auditing purpose????????

Thanks & Regards,

Vijay

How careless can u be!!!...

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Jyothi (pursuing C.A final) (65 Points)
Replied 18 February 2010

hi Abcdef vijay kumar is asking to help him out , if u r able give sum idea otherwise not required to send any reply unnecessary answers. pls dont hurt like them .

1 Like

vijaya kumar n (JOB) (488 Points)
Replied 18 February 2010

i think ABCDEF not missed anything in his life???????????????? if you dont ans let it be???? ok na Mr.ABCDEF

Ratan Deep Saxena (Asstt Manager (Accounts & Finance)) (2998 Points)
Replied 18 February 2010

Dear Vijay,

There is only way to account for the bill is to obtain the duplicate copy of that bill. if p[arty does nt provide it hard copy, request them to provide the scan copy of it, otherwise u hv to make reverse entry in your books. as per my knowledge a party hav more than 2 copies of a particular bills. So, try to arrange it.........

regards,

ratan

1 Like

nikkhil sonni (student) (67 Points)
Replied 18 February 2010

u can pass the entry but for the audit purpose i cant say..!!

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Puneet Mittal (Sr. Officer Accounts) (212 Points)
Replied 18 February 2010

Dear vijay,

You can get the sccaned copy of invoice & confirmation on lettar head of vendor for audit purpose.

Regards

Puneet mittal

1 Like

C.A. Sanjay Bhatia (CA) (496 Points)
Replied 19 February 2010

He will have to give you a duplicate copy of bill otherwise you can simply tell him to take his STABLIZER back and refund your money.He will definately arrange the bill

1 Like

HEERABAI SWAMI (Student) (22 Points)
Replied 19 February 2010

hi vijay

i think you can get scan copy of that & take comfirmation from vender on that scan copy this invoice nomber original copy is lost thatswhy we r making this scan copy is true copy i think it is ok for audit also

with regards

heera

sachidanand (Executive- Finance & Acctts) (55 Points)
Replied 19 February 2010

Hi Vijay

This is not a matter of greater worry for audit purpose as stablizer is not a very costly equipment for proof u just demand the photocopy or scan copy from the dealer purchase and get it stamp from dealer with his company stamp that will be enough.

Pankaj Rohtagi (Accounts Excutive) (28 Points)
Replied 19 February 2010

Hi Vijay

This stablizer is not a very costly equipment for proof u just demand the triplicate copy of invoice from the dealer , every dealer hv invoiceing in triplicate so u get it and stamp from dealer with his company stamp that will be enough for audit purpose or accounts purpose.

thanks

PANKAJ ROHATGI

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Mythreya (Finance IT & Accounting) (2183 Points)
Replied 19 February 2010

Originally posted by : vijaya kumar n
	Dear all, We purchase a one Stabilizer (office equipment), but we lost the bill and also we cant get the duplicate bill from the party. Now what we have to do for passing entry and also for Auditing purpose???????? Thanks & Regards, Vijay

You have the following options before you:

1. You can request the seller to give a photocopy of his Purchase registry entry/bill for your sake and then get it certified as duplicate copy for your audit purpose sake.Im sure he would oblige.

2. You can request another copy of the bill and if he is willing to do,you can mention it as a duplicate bill(and quote reason:Here it is "Bill missing/lost"

3. Since according to audit materiality,this item is a low-cost item,you can ignore it.

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Notes: If you however,threaten him to take back the stabilizer if he does not supply you a duplicate bill,it might work against you as you have no locusstandi to prove that he sold you the Stabilizer.So, it wont hold good in the court of law or even in a consumer court.

There is no need to reverse entries,infact doing such things is not advisable because as per Accounting principles/concepts,we have to account for everything we have spent/recieve or promise to spend/recieve(accrual concept) and accounting entries dont keep auditing in mind when entries are being made.

Auditing is primarily a post-mortem job and a future event.You have to reverse entry legally and technically only if there is an error in primal or inchoatory entry.