at the time of goods receipt the rate of the material is
1000 and at the time of invoice verificaiton the material
price is 1200 what journal entries are generated at both
scenario's
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Answer Posted / madhura
At the time of Goods receipts
1)Matarial/ Goods a/c Dr (1000x qty)
To GRIR a/c.....CR
At the time of Invoice verification
GRIR............(1000x qty).... DR
Price Differnce /above material a/c ...DR (200X qty)
TO Vendor A/c (1200Xqty)
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