Answer / vanisri

1 Creation of Requisition
No Accounting

2 Creation of Purchase Order
No Accounting

3 Receipt
Receiving A/c
AP Accrual A/c

4 Devlivery
Raw Material Sub Inventory A/c
PPV A/c
Receiving A/c

5 Invoice matching with PO
AP Accrual Liability A/c
Invoice Price Variance A/c
AP Liability A/c

6 On making Payment
Liability A/c
Cash

example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.

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