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When does the Invoice price variance arise? What is the
accounting entry?
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Answer Posted / uma ulisi
Invoice Price variance is the difference between the
Purchase Order Price and Price entered in AP Invoice for
PO Matched Invoices. The difference is Debited or credited
to Invoice Price Variance Account
Ex :
Po price =10 qty=10
Receipt and Invoice price =11 qty=10
When received material
Receiving Material A/C dr 110
AP Accrual A/C cr 110
When we matched the invoice with receipt,
The Accounting entry is,
AP Accrual A/C dr 100
Invoice price variance A/c dr 10
Liability A/c cr 110
Is this Accounting entry is correct or Vice versa.
| Is This Answer Correct ? | 23 Yes | 0 No |
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