tell me Journal entries passed in system from the time of
good receipt to payment.
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Answer Posted / sarwar husain (mba, mcom)
Entries followed by MNCs.
1:Purchase of Goods A/C Dr.
To GR/IR A/C
2:GR/IR A/C Dr.
To Vendor's GL A/C
3:Vendor's GL A/C Dr.
To Bank's GL A/C
Entries followed by other big/medium players.
1:Purchase of goods A/C Dr.
To Goods reciept note(GRN)A/C
2:GRN A/C Dr.
To Invoice payble A/C
3:Invoice payble A/C Dr.
To Bank A/C
Entries followed by SMEs.
1: Purchase A/C Dr.
To Vendor A/C
2: Vendor A/C Dr.
To Bank A/C
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