P2p cycle explanations? And entry, if asset item received what is entry?
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Answer Posted / sudhakar
Requestion
Request for Quote
Quotation
Quotation Analysis
Inspection
Delivery = Receiving inventory A/c---Dr To Expense ---CR
PO
Receipt = Receipt confirmation A/c---Dr To Receiving Inventory A/c---CR
Invoice = Expense A/c----Dr To Supplier Liability A/c----CR
Payment = Supplier Liability A/c----Dr To Cash Clearing A/c---CR
Bank Clearance = Cash Clearing A/c---Dr To Cash A/c---CR
Final Entry = Expense A/c---Dr To Cash A/c---Cr
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