at the time of goods receipt the rate of the material is 1000 and at the time o

at the time of goods receipt the rate of the material is
1000 and at the time of invoice verificaiton the material
price is 1200 what journal entries are generated at both
scenario's

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at the time of goods receipt the rate of the material is 1000 and at the time of invoice verificait..

Answer / mbb

At the time of goods receipt in MIGO
goods A/c Dr 1000
To GR/IR Cr 1000

At the time of invoice receipt in MIRO
GR/IG A/c Dr 1000
Price Differnce A/c Dr 200
To Vendor A/c Cr 1200

above is right its also same

Is This Answer Correct ?

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at the time of goods receipt the rate of the material is 1000 and at the time of invoice verificait..

Answer / madhura

At the time of Goods receipts
1)Matarial/ Goods a/c Dr (1000x qty)
To GRIR a/c.....CR

At the time of Invoice verification
GRIR............(1000x qty).... DR
Price Differnce /above material a/c ...DR (200X qty)
TO Vendor A/c (1200Xqty)

Is This Answer Correct ?

7 Yes

0 No

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