Treatment of GIT Purchase

Vikas Singla (Financial Analyst) (29 Points)

18 May 2011  

At the end of FY I hv posted the entry of GIT Purchase as  

GIT Dr.

       Party A/c

For knock of this entry i hv 2 options.

Option.1---Reverse this entry on the next day means ( 1st day of next FY ).

Option.2---Knock off this at the time of actual Purchase.

Plz let me know which option is OK.

& Which section or circular it's mention.