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Accounts-GRN

Laxmi (Student) (74 Points)

01 June 2011

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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5 Replies

jaganathan (accounts executive) (272 Points)
Replied 01 June 2011

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

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 01 June 2011

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

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 01 June 2011

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