If the material Price is 100 INR per 1EA and the Quantity is 10 EA. And, the Freight amount is 200 INR. Then what are accounting entries during Goods Receipt?


The Correct Answer is Option 2

Stock Account (BSX) – 1200 Debit (+Ve)

GR/IR Clearing Account (WRX) – 1000 Credit (-Ve)

Freight Clearing Account (FR1) – 200 Credit (-Ve)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s