Answer Posted / jhansi priyanjali

the purchase cycle or procurement cycle encompasses all the activities starting from purchase requistion, rfq, purchase order, goods movement, goods receipt, invoicing, invoice verification,payment to vendor, and ending with updating of vendor account balances.

1) inventory received

Inventory receipt a/c Dr( BSX )
to GR/IR a/c WRX

2) Invoice received

GR/IR a/c Dr wrx
to vendor a/c
Payment

Vendor A/c Dr
to bank a/c



3) consumption

Raw material consumption A/c Dr GBB- VBR
to Raw material A/c bsx


3)production receipt

Inventory finished goods A/c Dr BSX
to increase/decrease stock a/c GBB- AUF , ZOF

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