What is the JV of an Item wise Purchase Entry?
This query is : Resolved
26 November 2023
When a purchase is recorded in software, a JV is posted to the respective ledgers. Debiting the inventory & VAT, Crediting the supplier. Should i need to debit purchase account also?. If so, what will be the journal entry?
26 November 2023
You need to debit purchase instead of inventory.
Inventory you keep it separately adjusting sale and purchase.
Inventory you keep it separately adjusting sale and purchase.
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