tell me Journal entries passed in system from the time of
good receipt to payment.
Answers were Sorted based on User's Feedback
Answer / deeksha
The Journal entries on goods receipt to payment is
Goods Receipt:
Stock a/c dr
To gr/ir a/c
Invioce recipt:
Gr/ir a/c dr
TO vendor a/c
Payment:
vendor a/c dr
To bank a/c
Is This Answer Correct ? | 101 Yes | 6 No |
Answer / radhika
there are three possible entries when receive goods and
payment:
goods receipt:
inventory of raw mat a/c dr
to goods receipt/
invoice receipt a/c
invoice verification:
goods recipt/invoice recipt a/c dr
to vendor a/c
vendor payment:
vendor a/c dr
to banka/c
Is This Answer Correct ? | 21 Yes | 3 No |
THESE ARE THE FOLLOWING POSSIBLE ENTRIES GOODS RECEIPT TO
PAYMENT:
GOODS RECIEPT:
STOCK A/C-----------DR
TO GR/IR CLEARING A/C
INVOICE RECEIPT:
INVOICE RECEIPT A/C --------DR
TO VENDOR A/C
PAYMENT:
VENDOR A/C----------DR
TO BANK A/C
Is This Answer Correct ? | 26 Yes | 12 No |
Answer / rajesh rabari
Check The following accounting entry for the Material
receipt to Payment.
1) Goods Receipt (MIGO)
Stock Acc Dr
to Gr/IR Account Cr
if material is excisable.
than need to be posting accounting for excise part 2.
Input Excise (receivable) Dr
to Cenvat Clearing cr
Invoice receipt (MIRO)
Gr/IR Dr
Cenvat Clearing DR
To Vendor Cr
Payment
Vendor Dr
to Outgoing bank/Cash Cr
Is This Answer Correct ? | 10 Yes | 0 No |
Answer / sarwar husain (mba, mcom)
Entries followed by MNCs.
1:Purchase of Goods A/C Dr.
To GR/IR A/C
2:GR/IR A/C Dr.
To Vendor's GL A/C
3:Vendor's GL A/C Dr.
To Bank's GL A/C
Entries followed by other big/medium players.
1:Purchase of goods A/C Dr.
To Goods reciept note(GRN)A/C
2:GRN A/C Dr.
To Invoice payble A/C
3:Invoice payble A/C Dr.
To Bank A/C
Entries followed by SMEs.
1: Purchase A/C Dr.
To Vendor A/C
2: Vendor A/C Dr.
To Bank A/C
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / goutam gorai
1. When Purchase takes Place
Purchase A/C Dr.
To GR/IR A/C
2. When goods are verified of goods
GR/IR A/C Dr.
To Vendor A/C
3. Payment made to the vendor
Vendor A/C Dr.
Bank A/c
Is This Answer Correct ? | 4 Yes | 0 No |
Answer / sarwar husain
Purchase of goods A/C DR
To GRIR A/C
GRIR A/C DR
To Vendor's GL(No.) A/C
Vendor's GL(No.) A/C DR
To Bank's GL(No.) A/C
Is This Answer Correct ? | 3 Yes | 1 No |
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