Hi sir,
Regarding inventory cutoff , usually at what point is the sale or purchase usually recorded in the books of accounts ? Its saying in cutoff purchase that if GRN is present in year end it means we have received the item ryt ? but is it at that stage its recorded in books of accounts ?
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inventory cutoff
10y ago#1This should help:
https://opentuition.com/topic/cut-off-4/
If it's in inventory it has to be in purchases. If it's in purchases it also has to be paid for or be shown as a liability.
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