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Double entry for purchase invoice?

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Question added by geetha anilkumar , Finance Officer -AR , EMIRATES NATIONAL OIL COMPANY
Date Posted: 2017/02/16
Waseem Khan ACCA Member
by Waseem Khan ACCA Member , Accounts Manager , Medecins Sans Frontiers-Holland

Purchase Invoice is the bill received from supplier for goods purchased,Expenses incurred.

Purchase invoice is used in case of credit purchases and the double entry will be:

 

DR Inventory/Expenses ****

         CR Supplier A/C             *****

For cash Transactions,Cash memo is used which can be recorded as:

 

Dr Inventory/Expenses *****

      CR Cash/Bank                  *****

this is the problem for us.in this sensative case.that's way we carefull the double entry purchase invoice.

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