Laxmi (Student) (74 Points)
28 April 2011If the company has received 100 GRN's means goods have been received by company but dint get any bills yet. And the company has not paid amount for these goods? So do we enter these 100 GRN details in P&L account?
What is the effect of this? What entry should be written actually?
CMA Shilpa Shinde
(COST ACCOUNTANT)
(217 Points)
Replied 18 June 2011
dear Laxmi,
1)When Goods are received at factory, stock i.e., inventory of that goods gets affected. i.e., GOODS RECEIVED NOTE IN INVERTORY ACCOUNT WILL BE ENTERED TO BE ADJUSTED AGAINST RELATED PURCHASE ORDER OF GOODS.
2) FOR YEAR END GOODS RECEIVED BUT NOT RECEIVED INVOICE, PROVISIONAL ENTRY of PURCHASES TO BE MADE IN BASED ON GRN/ PURCHASE ORDER.
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