Periodic inventory system
general entries
Description
|
Debt
|
Credit
|
Purchase of
inventory
|
Purchase
|
ACCOUNTS
PAYABLE/
CASH
|
Transportation
cost incurred |
Carriage in/
import duties |
Cash
|
Returned
goods to
supplier
|
Accounts
payable/cash |
Return
outwards |
Sold goods
|
Cash /
accounts receivable |
Sales
|
Good returned by customer
|
Return
inwards |
Cash /
accounts receivable |
Ending inventory
|
Ending inventory
|
Trading
account |
NRV(NET RESIDUAL VALUE)
|
Trading account
|
Ending
Inventory
(or previous
entry with lesser amount) |
Stock loss (normal)
|
No entry
|
No entry
|
Abnormal loss of stock
|
Stock loss
|
Purchases/
Trading
account |
Goods
withdrawn |
Drawings
|
Purchases/
Trading
account |
Goods used for advertising
|
Advertisement/
Donation expense |
Purchases/
Trading account |
Categories: Periodicinventorysystemgeneralentries
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