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What are the accounting entries in p2p cycle??
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Answer Posted / sagar
At the time of receipt:
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Receiving inventory a/c dr
to
Inventory AP Acurral a/c
At the time of invoice
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Inventory AP Accural a/c dr
to
AP Liability a/c cr
At the time of payment
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
AP Liability a/c dr
to
Cash a/c cr
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