What are the accounting entries in p2p cycle??

Answer Posted / raj

1) AT GRN (RECEIVING ITEMS).

Receiving Inventory A/C (Debit)
To Inventory AP Accrual (credit)

2)MOVE THE ITEMS INVENTORY TO SUB INVENTORY.

Material A/C (Debit)
To Receiving inventory (Credit)

3) AT THE TIME OF INVOICE

Inventory Ap Accrual A/C (Debit)
To Supplier Liability (Credit)

4) AT THE TIME OF PAYMENT

liability A/c (Debit)
To Cash clearing A/C (Credit)

5) AT CASH CLEARING IN (CM)

Cash clearing A/c (Debit)
To Cash Or Bank (Credit)



{ YOURS RAJ }

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