What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / stanina
It depends on the expense nature.If it's current expense,
the gr reflect the expenditure account, if it's related
with the material(stocks), it reflect the material account:
material receipt entry:
Stock a/c -----Dr
GR/IR ac-------cr
AP creation entry
GR/IR a/c--------Dr
Vendor a/c-------cr
AP payment entry
Vendor A/c -------dr
Bank A/c-----------cr
or
Dr. Expenditure A/c
Cr. GR/IR A/c
After IV is done:
Dr. GR/IR
Cr. Vendor A/c
After payment
Dr. Vendor A/c
Cr. Bank
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