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What are the accounting entries in p2p cycle??
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Answer Posted / raghu
1. Creation of Requisition – No Accounting entries will come
2. Creation of Purchase Order – No Accounting entries will come
3. Receiving item
Receiving inventory a/c Dr
To Inventory AP Accrual a/c
4. Move the items from receiving point to sub inventory
Inventory a/c Dr
To Receiving Inventory a/c
5. Prepare purchase invoice
AP Accrual a/c Dr
To Liability a/c
6. At the time of payment – if reconciliation is there
Liability Account Dr
To Cash Clearing account
7. At the time of reconciliation
Cash Clearing Account Dr
To Cash Account
| Is This Answer Correct ? | 31 Yes | 5 No |
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