What are the accounting entries in p2p cycle??
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Answer Posted / ravi reddy
Accounting Entries for P2P cycle:
When-ever we are creating Po no entries will be created.
> Receipt : Inventory Receiving Account Dr to AP Accrual Account Cr.
> Invoice : AP Accrual account to Dr to Liability Account Dr.
> Payment : Liability Account Dr to Bank Clearing Account.
> when cleared in Bank : Bank clearing A/c to Bank A/c.
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