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tell me Journal entries passed in system from the time of
good receipt to payment.

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

Is This Answer Correct ?    4 Yes 0 No



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