What are the different accounting entries generated in PP
cycle.
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Answer Posted / balasundaram
P2P cycle -
Approved Purchase requisition from concerned department -
Choosing appropriate vendor for purchase of goods/materials
(done by the procurement dept.) - Purchase Order (including
agreement in terms of price,payment
terms,quantity,transportation,delivery date etc.,) -
Receipt of goods from the vendor (GRN CUM DELIVERY NOTE) -
Depending upon the quantity ordered,issuance of debit
note/credit note to the vendor - Receipt of Invoice from
the vendor after adjusting DN/CN- Payment to vendor.
Accounting Entry -
1. accounts payable a/c dr
To vendor account
(Being goods received from the vendor and payment due)
2. Vendor a/c dr
To Bank a/c
(Being the amount paid to vendor vide chq. No.xxxx)
3. Vendor a/c dr
To cash a/c
(Being the amount paid by cash to vendor for the goods
purchased)
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