CA PARTH SHAH (In Practice) (1951 Points)
29 June 2012
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 29 June 2012
As I THINKS,
Since goods has been exported in march and also possession has been transferred in march, It will be considered as sale and should be booked in march, 2012.
Manikandan
(Finance Executive)
(40 Points)
Replied 29 June 2012
FYI....
For these kind of expenses you have to BOOK provisions in march.
After receiving bill from agent you just account the bill and reverse the provsions created for that.
This is how we are doing in our company.
Regards
Mani
Sreeniketh Angara
(B. Com CA PCC CS Executive)
(699 Points)
Replied 30 June 2012
Yep... Agree with Manikandan
Manjunatha M K
(Manager - Accounts)
(318 Points)
Replied 30 June 2012
Always Matching Concept holds Good.
Account in March, by passing a provision entry.
S Gupta
(Finance Manager)
(92 Points)
Replied 30 June 2012
if your books of accounts not closed, you may book these expenditure in march only, otherwise you may book these expenditure in april and at the time closing of books ot that year you may show these as prior period expenditure.
sachin
(ARTICLES)
(434 Points)
Replied 30 June 2012
Yes agree with all
The important is that goods should be received in march itself.
work is worship
(Service)
(2728 Points)
Replied 30 June 2012
The goods has been exported in March 2012 through your C & F Agent
Your C & F agent would have given you a quotation without that you would not have proceded to send the cargo through him.
So you can provide for a provision based on the quote and if you receive the bill in April , then you can rectify the entry if there is any +/- difference between the provision amount and the bill amount.
If the bill is received beyond your finalisation date for any reasons and if the differnce is very nominal , you can adjust the same in the current year , otherwise you have to account through Prior Period Expenses.
CA ANU RAO
(CA IN PRACTISE)
(128 Points)
Replied 30 June 2012
to be booked in march only ( matching concept )
Ravi Gupta
(Sr. Manager Finance)
(55 Points)
Replied 30 June 2012
Hi,
should be booked in march through Provision Entry.
*RENU SINGH *
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(21627 Points)
Replied 01 July 2012
| Originally posted by : work is worship | ||
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The goods has been exported in March 2012 through your C & F Agent Your C & F agent would have given you a quotation without that you would not have proceded to send the cargo through him. So you can provide for a provision based on the quote and if you receive the bill in April , then you can rectify the entry if there is any +/- difference between the provision amount and the bill amount. If the bill is received beyond your finalisation date for any reasons and if the differnce is very nominal , you can adjust the same in the current year , otherwise you have to account through Prior Period Expenses. |
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completely agree
CAclubindia
