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Answer Posted / narayana.chinni
Invoice Price variance is the difference between PO price and invoice price
Ex:- PO anount:10 qty:10
Receipt and invoice qty: 11
So the accounting entry would be
Receiving inventory a/c Dr 100
To AP inv accrual a/c Cr 100
When invoice is matched with PO:
AP inv accrual a/c DR 100
Invoice price variance a/c DR 10
To Liability account 110
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