Dear All Cite Members,
My query is, if a company purchased a system for an organization in the name of a director's relative, how can we record that system in the company's accounts since the bill has been generated in the name of a person not associated with the company? The system is being used within the company.
Please suggest some ideas or documents through which I can link that system to the company's name in a justifiable manner.
Thanks & Regards,
Milton.
From India, Nagpur
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My query is, if a company purchased a system for an organization in the name of a director's relative, how can we record that system in the company's accounts since the bill has been generated in the name of a person not associated with the company? The system is being used within the company.
Please suggest some ideas or documents through which I can link that system to the company's name in a justifiable manner.
Thanks & Regards,
Milton.
From India, Nagpur
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If VAT/sales tax credit is not involved in the bill, obtain a certificate from the buyer (in whose name the item is bought) on the backside of the bill stating, "I bought the item on behalf of the company involved in this invoice at the most competitive price, keeping in view quality, and hereby transfer the ownership rights of the item to the company (name of the company with address). Henceforth, I would have no right whatsoever over the item." Ensure to get this certificate countersigned/attested by the director of the company.
If VAT/sales tax is involved, the seller will change the particulars of the buyers.
Hope this will help.
Regards, V. K. Gupta
From India, Panipat
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148If VAT/sales tax is involved, the seller will change the particulars of the buyers.
Hope this will help.
Regards, V. K. Gupta
From India, Panipat
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Ask the company to cancel the bill and issue a fresh bill in the name of the company. Aspects of quotations, comparisons, etc., have been overlooked, and there is no easy solution without finding documents. I do not recommend fudging backdated quotations, etc.
From India, Pune
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From India, Pune
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Legal Clarification on PF Contribution Reduction & Transfer of Ownership & Management.pdf