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What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / venkat
gr/ir account is offsetting entry, see the following
example for use
when ever we receved good entry is
material a/c dr
to gr/ir clearing a/c
afterveryfication entry passed is
gr/ir clearing a/c dr
to party a/c
so it is a offsetting entry, it allways cleared no balance
at last.ok
| Is This Answer Correct ? | 239 Yes | 28 No |
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