If a transaction is posted and say our company bought the
materials from a vendor. Does the vendor get credited or
debited and does gr/ir get credited or debited in the
accounts? please let me know im sorta confused with this
Answer / sapuser
Hi...The following would be the entry in Purchase cycle...
1. at time of creating purchase order - there is no accounting entry,
2. at the time of goods receipt
eg..raw material ac dr
to GR/IR ac Cr
3. at the time of Invoice receipt
gr/ir ac dr
to vendor ac Cr
4. at the time of payment
vendor ac dr
to out going ac/bank ac Cr
Is This Answer Correct ? | 9 Yes | 0 No |
Situation:- We are following fiscal year is Jan to Dec. we purchased an asset for Rs 1,00,000 /- and we are calculated on this asset depreciation is 10%. At the time of 12th period (Dec) my client is realized that we should have been charged at 5% instead of 10% depreciation. Question:- How you will adjust the depreciation to 5% which has already been charged with 10% on the previous periods (i.e Jan to Nov). Note: it has been changed the depreciation key to 5% on Dec month and same assigned to the particular asset master data. Your valuable suggestion on this much appreciated.
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