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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1904)
 Accounting General interview questions  Accounting General Interview Questions (2830)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
What is Goods Receipt Note? and its current format
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Goods Receipt Note is a note given by Store department to
Accounts/Supplier for Purchse of goods which are accepted
after inspection of material.
When Material comes to store ,only GIN(Goods Inward Note)is
been done which is not of commercial use until GRN is made
after Inspection of material
 
Is This Answer Correct ?    137 Yes 9 No
Samir
 
Answer
# 2
GOODS RECEIPT NOTE (GRN) is prepared by the Stores /
Warehouse Department for accounting the receipt of goods
purchased from suppliers. When GRN is prepared in a
software, Inventory is updated with quantity and value. It
will also update the financial records by debiting Purchases
A/c & Crediting the Supplier's (Vendor's) A/c.

One copy of the GRN (with vendor's invoice , inspection /
quality report copy)is maintained in the location where it
is prepared and the original GRN with Original Invoice of
the Supplier will be authenticated by the Warehouse / Stores
In-charge and sent to the Finance/Accounts department for
transaction validation, payment and preservation of the
documents for future reference and audit.
 
Is This Answer Correct ?    78 Yes 4 No
Sreepada H.r.
 
 
 
Answer
# 3
goods receipt note is the receipts given to the firm or
customers on purchase n solds of goods.
 
Is This Answer Correct ?    78 Yes 45 No
Shiv
 
Answer
# 4
Whatever goods comes into a particular warehouse should be
recorded through some sort of document. When the goods
comes it has to be attached with this document and the
same has to be signed by the gate keeper, store in-charge
and the receiver. The copy of this record will attached
with the bill and forward to accounts dept for payment.
This document is called Goods Receipt Note.
 
Is This Answer Correct ?    27 Yes 7 No
Jomon Jacob
 
Answer
# 5
GRN is a receipt that we have recived the goods from the
seller
 
Is This Answer Correct ?    14 Yes 5 No
Jojo Jose
 
Answer
# 6
GRN note is a receipt that we recevied from the customers
on purchase also GRN Very use full for
commercial use until GRN is made
after Inspection of material
also GRN very use full for when the materil shortage as per
book
so GRN very importan book for stores dept
 
Is This Answer Correct ?    12 Yes 9 No
Rbalaji
 
Answer
# 7
Goods Receipt Note is a document used to record the inward entry of the any goods received at the premises of the organization. The document normally consist of the details of Quantity Received, Quantity Rejected and Quantity Accepted, Supplier Name & P.O. No. The practice of preparing GRNs is important as it promotes proper inventory control and restricts the unwanted, unauthorized entry of goods in the organization. The GRN preparation is a part of effective Inventory Control Management. 
Is This Answer Correct ?    7 Yes 4 No
Muhammad Amjad
 
Answer
# 8
Goods recived means it is regularly practice for
department.Any material inward in compeny gate Store Depat
making a one note for inward in stock and processing this
note to account dept.for billing.
 
Is This Answer Correct ?    16 Yes 20 No
Hande
 
Answer
# 9
GRN- After receipt of goods if you have a note in your hand
then that is called GDN..
 
Is This Answer Correct ?    8 Yes 20 No
Sailesh Jena
 

 
 
 
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EXPAND___________MADE   1
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In tally drawing accounts come under which account   12
how to do finalisation of accounts   7
wHAT IS THE DISTINCTION BETWEEN TRADE DISCOUNT AND CASH DISCOUNT   2
What is the 3 basic rules in accounting by account? What is the 3 type in basic rules?   6
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What is the entry posted for GRN (Goods received Note)? If the stock received from the party what entry have to post in books? And in which a/c it has been hit?   2
Hi guys, Could anybod tell the what is journal entry when the internal order(rea) is settled?   1
 
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