What are the accounting entries in p2p cycle??
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Answer Posted / raj
1) AT GRN (RECEIVING ITEMS).
Receiving Inventory A/C (Debit)
To Inventory AP Accrual (credit)
2)MOVE THE ITEMS INVENTORY TO SUB INVENTORY.
Material A/C (Debit)
To Receiving inventory (Credit)
3) AT THE TIME OF INVOICE
Inventory Ap Accrual A/C (Debit)
To Supplier Liability (Credit)
4) AT THE TIME OF PAYMENT
liability A/c (Debit)
To Cash clearing A/C (Credit)
5) AT CASH CLEARING IN (CM)
Cash clearing A/c (Debit)
To Cash Or Bank (Credit)
{ YOURS RAJ }
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