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stock recd but not invoiced from co no longer trad

Petrol received, but not invoiced, from a company that is no longer trading. what happens now?

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Petrol received, but not invoiced, from a company that is no longer trading. what happens now, from an accounting perceptive?

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Scalloway Castle
By scalloway
05th Aug 2020 15:52

Is the company still in existence? Has a liquidator been appointed?

In accounting terms I would make an accrual if there is a likelihood that the liquidator will chase the debt. You can write it off later.

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By Paul Crowley
05th Aug 2020 20:42

Sounds right to me
Accrue net as no invoice, no VAT

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Stepurhan
By stepurhan
06th Aug 2020 15:34

Legal advice could be worthwhile. In the circumstances it is possible that the petrol is still considered to be an asset of the other company. Invoices often include a note that the right to ownership rests with the seller until invoices are paid after all.

With an invoice you would at least have evidence of the intent to pass ownership.

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