wen should the purchaee bill should be entered
on the date of bill date or on the DATE OF STOCK RECEIVING
ALSO IF THERE IS MOTNH DIFFERENCE B/W BOTH THE DATES AND IT CAN EFFECT THE SALES TAX RETURN ALSO
PLEASE REPLY
1 Replies
K.Pandiarajan
(Asst General Manager Finance & Accounts)
(50 Points)
Replied 10 November 2009
The liability of the company start at the time receipt of material. If you enter on bill date basis, all the goods not received by you will be treated as goods in transit and current assets. If you enter on receipt basis only goods received is your current asset. For sales tax purpose it has to be enter on bill date basis.
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