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What are the accounting entries in p2p cycle??

Answer Posted / skp

At the time of receipt
------------------------------
Receiving inventory a/c dr
to Inventory AP Acurral a/c

At the time of invoice
--------------------------------
Inventory AP Accural a/c dr]'
to Liability a/c

At the time of payment
-------------------------
Liability a/c dr
to Cash or Bank

At the time of Delivery of Materials in to Inventory
----------------------------------------------------
Materials A/c Dr
To Receiving Inventory A/c

Is This Answer Correct ?    89 Yes 19 No



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