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Former Member
Sep 12, 2011 at 04:52 PM

GR/IR Clearing account problem

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please solve the under mention problem :-

A vendor is issued a purchase order for 200 pieces at 10 UNI/pc and 10% tax. there was a goods receipt of 140 pieces. the vendor sends an invoice for 200 pieces at 12 UNI/pc. The purchase manage decides on a partial reduction with quantity reduction with quantity variance. What will be accounting entries for the invoice and credit memo?.