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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)
| Is This Answer Correct ? | 7 Yes | 0 No |
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I have placed a PO for an item 100 qty Rs.10/Per qty , therefore total cost of the item is Rs. 1000, and this PO Is GR based invoice verification checked. Vendor is sending me 100 QTY but my store keeper doing GRN only for 98, because he is saying that he lost two quantity, so the GRN has been made for Rs 980. Now the vendor is sending me the invoice for total 100 Qty , which is coming to RS.1000 in total. Now you need to do invoice verification for this RS. 1000 to vendor. Will you able to do? If so how? If not why?
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