Tuesday, August 7, 2018

Accounting Entries during Goods Receipt and Invoice Receipt


Standard PO:

During GR (MIGO)                                              
     (BSX) RM Stock Account                          DR      10000.00
     (WRX) GR/IR Clearing A/c                       CR       9000.00
     (FR1) Freight Clearing A/c                      CR       1000.00
                                          
During IR (MIRO)                                      
     GR/IR Clearing A/c                                DR      9000.00
     Freight Clearing A/c                              DR      1000.00
     VAT Receivable A/c                               DR        360.00
     Vendor Account                                     CR    10360.00

Subcontracting PO:

During GR (MIGO)                                              
     (BSX) Assembly Stock A/c                        DR      5000.00
     (BSV) Change in Stock A/c                       CR      5000.00
     (FRL) Subcontracting Charges A/c            DR      1000.00
     (GBB-VBO) GR/IR Clearing A/c                 CR      1000.00
     (GBB-VBR) Component Consumption A/c  DR      4000.00
     (BSX) Component Stock A/c                     CR      4000.00
                                          
During IR (MIRO)                                      
     GR/IR Clearing A/c                                 DR      1000.00
     Vendor Account                                      CR      1000.00


Consignment PO:

During GR (MIGO)                                              
     No FI Entry will be generated during GR                               
                                          
During TP (MIGO)         Transfer to own Stock (Qty = 10)                            
    
     (BSX) Stock Account                               DR      1000.00
     (KON-Blank) Consignment Liability A/c   CR      1000.00
                                          
During GI (MIGO)          GI from Consignment Stock (Qty = 10)                               
     (GBB-VBR) Consumption Account             DR      1000.00
     (KON-Blank) Consignment Liability A/c    CR      1000.00
                                          
During IR (MRKO)                                               
     Consignment Liability A/c                       DR      1000.00
     Vendor Account                                      CR      1000.00

Pipeline PO:

No PO and No GR

During GI (MIGO)          GI from Pipeline Stock (Qty = 10)                                     
     (GBB-VBR) Consumption Account             DR      1000.00
     (KON-PIP) Pipeline Liability A/c               CR      1000.00
                                          
During IR (MRKO)                                               
     Pipeline Liability A/c                               DR      1000.00
     Vendor Account                                       CR      1000.00


Asset PO:

During GR (MIGO)                                              
     (Asset Accounting) Capital WIP A/c          DR      100000.00
     (WRX) GR/IR Clearing A/c                        CR      100000.00
                                          
During IR (MIRO)                                      
     GR/IR Clearing A/c                                 DR      100000.00
     Vendor Account                                      CR      100000.00


Service PO:

During SES (ML81N)                                           
     (GBB-VBR) Service Expense A/c               DR      10000.00
     (WRX) GR/IR Clearing A/c                       CR      10000.00
                                          
During IR (MIRO)                                      
     GR/IR Clearing A/c                                 DR      10000.00
     Service Tax Receivable A/c                     DR       1200.00
     Service Tax Receivable A/c                     DR          24.00
     Service Tax Receivable A/c                     DR          12.00
     Vendor Account                                      CR     11236.00

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