on 09-04-2008 5:32 AM
Hello,
What happens when PGI & accounting document in invoice gets generated. I want to know which gets credited & debited. give me detail explanation.
Hi,
a) At the time of delivery of goods (PGI)
Cost of goods sold account Dr
Inventory account Cr
b) During generation of Invoice
Customer / Debtors account Dr
Sales/Revenue account Cr
Taxes Cr
c) During collection of Payment
Bank account Dr
Discount Dr
Customer/ Debtors account Cr
reg
Deepak
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Thanks
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Hi Naveed
When the Goods are dispatched to customer through delivery the following transactions takes place: (PGI)
Cost of Goods Sold - Dr
Inventory A/c - Cr
And during billing
sales A/c - Dr
to customer - Cr
Regards,
DDP
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