S.Krishnakumar (Tax Consultant) (26 Points)
27 December 2010To
Dear All
I want to know the date of entry to be made for the Highsea sale purchase. For instance a high sea sale
contract is made on 1st of December 2010, and the material is cleared on 20th of December 2010 and the
material has arrived to the Purchase place on 25th December 2010.
Kindly tell me the date on which the purchase has to be accounted
With regards
Krishnakumar
phanindra
(IFA)
(121 Points)
Replied 27 December 2010
| Originally posted by : S.Krishnakumar | ||
 |
To Dear All I want to know the date of entry to be made for the Highsea sale purchase. For instance a high sea sale contract is made on 1st of December 2010, and the material is cleared on 20th of December 2010 and the material has arrived to the Purchase place on 25th December 2010. Kindly tell me the date on which the purchase has to be accounted With regards Krishnakumar |
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Date of contract
SANTOSH TRIPATHI
(SENIOR MANAGER COMMERCIAL)
(89 Points)
Replied 29 December 2010
the day when you sign the HSS contract is the date of HSS. No matter when you physically receive the material
vivek
(Accountant / IPCC Student)
(32 Points)
Replied 29 December 2010
Under High seas sales the day in which we have entered the agreement for high seas that day is calles is the purchase day and we have to record the purchase entry on that day and material received day is the only records day for receiving the materials we have to mentioned into the narration when we have received the materials
phanindra
(IFA)
(121 Points)
Replied 29 December 2010
| Originally posted by : vivek | ||
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Under High seas sales the day in which we have entered the agreement for high seas that day is calles is the purchase day and we have to record the purchase entry on that day and material received day is the only records day for receiving the materials we have to mentioned into the narration when we have received the materials |
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Disagree on your narration point
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