What are the accounting entries in p2p cycle??
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Answer Posted / skp
At the time of receipt
------------------------------
Receiving inventory a/c dr
to Inventory AP Acurral a/c
At the time of invoice
--------------------------------
Inventory AP Accural a/c dr]'
to Liability a/c
At the time of payment
-------------------------
Liability a/c dr
to Cash or Bank
At the time of Delivery of Materials in to Inventory
----------------------------------------------------
Materials A/c Dr
To Receiving Inventory A/c
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