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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 / sameer
GR/IR clearing a/c.
GR means Good Receipt and IR means Invoice Receipt.
GR/IR clearing a/c is temporary a/c created to matched time difference between goods received and Invoice received.
i.e.1} Goods received of Rs 1000 on 1st January but Invoice not received. Entry Will be :
Material A/c Dr. 1000
To GR/IR clearing a/c. 1000
2} Invoice received of Rs 1000 on 3rd January. Entry will be
Gr/IR clearing a/c dr 1000
To Vendor A/c 1000
3} Payment to Vendor. Entry will be
vendor A/c Dr 1000
To Bank a/c. 1000
| Is This Answer Correct ? | 6 Yes | 0 No |
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