JAYANTA KUMAR BANDYOPADHYAY (professional service) (293 Points)
02 October 2021Indian parent cum holding co has rejected supply of its USA based Wholly owned subsidiary on specs issue and will get back purchase prices.
What accounting, tax, customs disclosure issues are involved
Please guide
Jayanta
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 02 October 2021
Let the PO be outstanding and disclose the cause if it is filing time. Or else, no need to do anything.
If you received your advance back, record it.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 02 October 2021
Rejected means kept in waiting, cancelled means, you have derecognise purchases
CAclubindia
