Suppose a vendor sends an invoice dated 1/1/13 but i receive it only 2 weeks later. ON what date should i record that invoice...date on the invoice or tthe date that i actually received the invoice
RAVIKUMAR (STUDENT) (107 Points)
13 March 2013Suppose a vendor sends an invoice dated 1/1/13 but i receive it only 2 weeks later. ON what date should i record that invoice...date on the invoice or tthe date that i actually received the invoice
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 13 March 2013
RECORD ON A DATE WHEN RISKS AND REWARDS OF OWNERSHIP ON GOODS TRANSFERED TO YOU,
EX:
IF OU GET OWNERSHIP ONLY AFTER GOODS ENTERD TO YOUR OFFICE/FACTORY
BOOK ENTRY ON MATERIAL RECEIVED NOTE(MRN) DATE ONLY.
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