What do you mean by Goods Clearing ? What are the journal
entries for Clearing of Goods ?
Answer Posted / ramu naidu
For Goods clearing journal entries are happened like that
When goods received againest PO entry will be
Inventary Rawmaterial a/c Dr
To GR clearing a/c
When Invoice is raised entry will be
GR clearing a/c Dr
TO Vendor a/c
| Is This Answer Correct ? | 16 Yes | 5 No |
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Hi all see the problem is, suppose i sold goods to customer 10 units @ 120 & my COGS (cost of goods sold) is 100 per unit . After that he told me your quality is not good ok & u r charging high 4 that i will pay you only 110 rs for that otherwise i will return ur goods. After that i made 1 credit memo 4 that of rs 10 ok. now the issue is it is also affecting the COGS but it has to remain same And will effect at profit & my profit must be reduced from 20 rs per unit to 10rs per unit & COGS must remain constant i.e is 100 rs
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