Answer / suryakant lokhande

There are three accounting etries commonly generated they:
1.Personal Accounts
2.Real Accounts
3.Nominal Accounts.

Answer / vikas

I don't need the name of accounts. I want to know what are
the various debit and credit entries which are geneerated
in P2P cycle.

Answer / h.r. sreepada bhagi

Vikas,

Expand P2P Cycle. If the questions are not clear, wrong
answers will be posted. Many readers have marked the answers
with out understanding the question & relating the answer to
the question.

Answer / balasundaram

P2P cycle -

Approved Purchase requisition from concerned department -
Choosing appropriate vendor for purchase of goods/materials
(done by the procurement dept.) - Purchase Order (including
agreement in terms of price,payment
terms,quantity,transportation,delivery date etc.,) -
Receipt of goods from the vendor (GRN CUM DELIVERY NOTE) -
Depending upon the quantity ordered,issuance of debit
note/credit note to the vendor - Receipt of Invoice from
the vendor after adjusting DN/CN- Payment to vendor.

Accounting Entry -

1. accounts payable a/c dr
To vendor account
(Being goods received from the vendor and payment due)

2. Vendor a/c dr
To Bank a/c
(Being the amount paid to vendor vide chq. No.xxxx)

3. Vendor a/c dr
To cash a/c
(Being the amount paid by cash to vendor for the goods
purchased)

the following information wads extracted ffrom the book of a business man :debtors as on 31/12/1987 $25000 bad debts during 1987 $1000.provision for doubtful debts is to be maintained at 5%. a provision for discount is also at 2%. you are required to calculate the amount set aside in respect of provision for doubtful debts and provision for discounts on debtors respectively

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IN ONE OF THE MAUNUFACTURING COMPANY, THE MANAGMENT WAS VERY MUCH INTERESTED TO INTRODUCE ERP(IT IS FOREIGN SOFTWARE)BASED ON SOME ATTRACTIVE FEATURES EXPLAINED BY THE ERP SOFT WARE COMPANY/AGENCY . THE ACCOUNTING STAFF ARE ALL CONVERCENT WITH TALLY ACCOUNTING PACKAGE(INDIAN ACCOUNTING METHOD). THEREFORE THEY WOULD LIKE TO KNOW THAT (I) WHAT ARE THE DIFFERENCE BETWEEN A TRIAL BALANCE FROM NORMAL TALLY ACCOUNTING AND ERP GENREATED TRIAL BALANCE (2) SINCE THE BOTH THE TRIAL BALANCE WILL BE HAVING DIFFEERENT DATAS HOW SOME ONE CAN MAKE A FINAL ACCOUNT SUCH AS TRADING A/C PROFIT & LOSS ACCOUNT AND BALANCE SHEET AS PER INDIAN COMPANIES ACT. THE TRIAL BALANCE AS PER ERP SHOW SOME COST OF PRODCUTION A/C, LABOUR/MATERIAL/VALUE VARIANCE A/C. SAY ALL THESE VARIANCE ARE CORRECT AND BASED ON THE ACTUAL TRANSACTION TAKEN PLACE, HOW SOMEONE CAN A FINAL ACCOUNT MEANT FOR INDIAN ACCOUNTING POLICY WHICH TO BE SUBMITTED TO VARIOUS GOVT BODIES? I AM TOTALLY CONFUSED

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