RAJ KUMAR (FINANCE MANAGER) (1393 Points)
21 November 2010
HELLO FRIENDS, MY CLIENT IS A WHOLESALE DEALER BESIDES THIS DURING THE YEAR HE RECEIVES SOME GOODS AS CONSIGNMENT AND SOLD IT AND COMMISION IS CREDITED TO ITS P/L A/C. I WANT TO ASK WHETHER SALES AND PURCHASE OF CONSIGNMENT GOODS TO BE SHOWN IN TRADING A/C OR NOT.
BUT WHEN THEY RECEIVE GOODS ON CONSIGNMENT THEY ISSUE FORM F AS BRANCH TRANSFER.
NOW IN THE VAT RETURNS WHETHET TOTAL SALES AND PURCHASE INCLUDING THE CONSIGNMENT TO BE SHOWN OR NET OF CONSIGNMENT SALES.
PLS. HELP ME.
Dheeraj
(Learner)
(1100 Points)
Replied 22 November 2010
as per my opinion
i think it can't be shown as purchase
as there is merely a transfer of goods on con. basis... not purchase
and the goods whish is sold..
the value of sold goods is to be shown as purchase....
and plz wait for the other's reply..
CAclubindia
