Sahil Ahuja (xyz) (24 Points)
12 November 2013Hi Everyone
I have been trying to get authentic answer to this question since long now, Can someone please tell me I faced this question during a competitive exam.
What is the Journal Entry for a PO in the books of accounts?
I think there isn't any JE to be posted until the GRN has been done or invoice has been raised, Am I right?
Regards
Sahil
Sandeep Garg
(Consolidation and IndAS Application)
(1056 Points)
Replied 12 November 2013
when a PO is issued no entry is passed in the books of account as no party has executed its obligations.
Ramkrishna Mokashi
(Chartered Accountant)
(734 Points)
Replied 14 November 2013
Correct, No accounting entry for PO.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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