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Hello students, goods received on the account of the purchase in a common accounting transaction that occur when a company purchases goods from a supplier and agrees to pay for them at a later date.
00:12
The ante for this transaction is typically recorded on a debit to the inventory account and credit to the account's payable account.
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So in general, goods received on the account of a purchase are entered in a company's accounting record when the goods are physically received by the company.
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This is because the goods have now become an asset of the company and the company owes the supplier a liability for the purchase price.
00:39
The specific step for entering the goods received on the account of the purchase in the exam veda may vary depending on the company's accounting system and the procedure.
00:50
However, the basic steps are as follows.
00:52
Create a new purchase order or invoice in the exam veda.
00:56
Enter the details of the purchase, including the date of the purchase, name of the supplier, the quantity and description of the goods, and the purchase price.
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Step 3.
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Select the account's payable account as the account to be credited...