journal entry for purchase stock

faheemiiui · #1 Sep 16, 2007, 08:33 PM

I have to make accounting module for pharmacy. Tell me whether i m making rite entry or not

Event is "Purchase of stock from manufacture on credit"
Account are
manufacture_account Credit
inventory Debit

Also tell me what will be its closing entry, is it correct

manufacture_account Debit
purchase_account Credit

or i have to close manufacture_account in A/P

Irfan Akhter · Sep 17, 2007, 01:18 AM

u must credit the accounts payable account

faheemiiui · Sep 17, 2007, 01:54 AM

u mean i must close manufacture_account in A/P or u mean that after close manufacture accout in purchase_account i may make another closing entry i.e
purchase_account Debit
A/P Credit

answer briefly



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!