This is an intereview question. Plz some one answer for this.
If 100 GRN notes are received by a company i,e goods have been received by the company, but bills have not been received for those. Soo do we enter this transaction in P&L a/c when we are preparing P&L a/c...?
What will be the effect of this entry?
What journal entries should be passed for this type of transaction when it takes place in a company....?
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Accounts-GRN
Replies (5)
GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier.
thks
Jagan
| Originally posted by : jaganathan | ||
 |
GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier. thks Jagan |
 |
agreed
| Originally posted by : jaganathan | ||
|
|
GRN Goods Receipt Note when the goods are received and verified the quantity and quality, we have to account it in our books by debiting the inventory / goods purchased and crediting the temporary accounts payables, once we got the invoice then we have to debit temporary accounts payables and credit the supplier. thks Jagan |
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Correct entry in my opinion.
pls tell me how journel entry passed
exp
dr good
cr xyzz company
At the time of goods recd.
Purchase Dr.
To Account Payable Cr.
and then
At the time of invoice recd.
Account Payable Dr.
To Creditor Cr.
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