Rajkumar Gutti (Audit Manager) (314 Points)
24 September 2021Goods are imported under cif basis
Bill of lading 28/02/21
invoice Date 28/02/21
Bill of entry date 25/03/21
transporter take possession of goods
At Indian port 28/03/31
Actual Goods received in Buyers Godown 02/04/21
please suggest how make accounting entry from first to end
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 24 September 2021
Rajkumar Gutti
(Audit Manager)
(314 Points)
Replied 25 September 2021
But sir actual possession of goods recevid
In April 2021
My query is pl.guide me goods in transit entry and actual goods possession entry
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 25 September 2021
Purchase requisition entry- when you decided or need stock
(this is immaterial cause all software’s don’t have it)
Invoice entry - as on invoice date
Payment entries- when payment isn’t made before the payable days or credit policies
Stock entries- when goods received at warehouse address.
CAclubindia
