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What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.

Answer Posted / venkat

gr/ir account is offsetting entry, see the following
example for use

when ever we receved good entry is

material a/c dr
to gr/ir clearing a/c

afterveryfication entry passed is

gr/ir clearing a/c dr
to party a/c

so it is a offsetting entry, it allways cleared no balance
at last.ok

Is This Answer Correct ?    239 Yes 28 No



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