How to enter an invoice already paid?
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Answer / satyaki_raju@yahoo.com
If already paid You pass a journal entry as follows
at the time of payament the entry was
Supplier account Dr
To Cash or bank a/c
(The supplier account has to be grouped under Loans and
Advances)
while passing invoice
Purchase of materials Dr
To supplier a/c
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Answer / abi
here two options for accounting this
1 st option
purchase Dr
Cash/ Bank Cr
2 nd option
u have to put one jurnal
Purchase Dr
supplier cr
then pass 1 cas/bank entry
Supplier Dr
Cash / Bank
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what r the basis rule of accounting like what we do if it comes in and goes out it was like debit what comes in and credit what goes out..so what to know this basic law
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