Skip to Content
avatar image
Former Member

Accounting Document

Hello,

What happens when PGI & accounting document in invoice gets generated. I want to know which gets credited & debited. give me detail explanation.

Add comment
10|10000 characters needed characters exceeded

  • Follow
  • Get RSS Feed

3 Answers

  • Best Answer
    avatar image
    Former Member
    Sep 04, 2008 at 04:49 AM

    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

    Add comment
    10|10000 characters needed characters exceeded

  • avatar image
    Former Member
    Sep 04, 2008 at 04:43 AM

    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

    Add comment
    10|10000 characters needed characters exceeded

  • avatar image
    Former Member
    Dec 08, 2008 at 05:15 AM

    Thanks

    Add comment
    10|10000 characters needed characters exceeded