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When does the Invoice price variance arise? What is the
accounting entry?
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Answer / nitin sharma
Purchase A/c DR.
Tax A/c DR
To S. Cr.
DR. Note
S. CR. a/c Dr.
TO Tax ac
To Purchase a/c
| Is This Answer Correct ? | 18 Yes | 3 No |
Answer / dheeraj kumar sharma
We should credit note to the party
Accouting Entry
Party A/c Cr.
Purchase A/C Dr.
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / souvik
IF PRICE INCREASE :
PURCHASE A/C DR.
TO, S.CREDITORS.
IF PRICE DECREASE :
S.CREDITORS A/C DR.
TO, PURCHASE
| Is This Answer Correct ? | 5 Yes | 2 No |
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