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)

goods worth rupees 440 distributes free among the poor?

0 Answers  

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difference between funds flow and cash flow

6 Answers   Capital IQ,

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WHAT IS CASH DISCOUNT & TRADE DISCOUNT?

3 Answers  

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Which kind of transactions are not recorded in the books of account?

0 Answers  

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Why TDS not Deducted on Service tax amount of Rent.

0 Answers   Genpact, J Kumar,

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I have raised a Invoice of Rs. 78964 including service tax rs. 964 in month of April and service tax paid to Govt for April month/ We have voide this invoice in May'12 due to services cancelled by the customer, pls let me know can we adjust this paid service tax amount in our May service tax payable....and how to pass voide bill entry.....

1 Answers  

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Please tell me that whose are liable to pay the TDS?

2 Answers   Banking,

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Explain me some of the examples for liability accounts?

0 Answers  

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what is golden accounting rules

3 Answers   HCL,

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sir, i want t know, i got a cheque frm sindhu (that amount i gave her as rent advance, she is returning nw) bt the cheque has cancled and bank take cheque return charges so plz give this journal entries.

0 Answers  

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steps for finalisation of accounts and related entries

2 Answers  

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How to pass journal entry for service charges received after tds from a debtor?

2 Answers  

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