Answer / narayana.chinni

Invoice Price variance is the difference between PO price and invoice price

Ex:- PO anount:10 qty:10

Receipt and invoice qty: 11

So the accounting entry would be

Receiving inventory a/c Dr 100
To AP inv accrual a/c Cr 100

When invoice is matched with PO:

AP inv accrual a/c DR 100
Invoice price variance a/c DR 10
To Liability account 110

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