Inventory Adjustment to Bank Paid
Riya
Jan 14, 2023 - 2 mins read
When you have no time for making purchase invoice and you used inventory adjustment. You are required to make the Bank balance as per the adjustment cost you have made. Let's pass a journal entry to get it balanced with bank account to purchase price variance.
Journal Entry for Payroll
| Account | Debit | Credit | |||
| 5040 - Purchase price Variance - Cost of Goods Sold | 15,000.000 | ||||
| 1065 - Petty Cash Account - Current Assets | 15,000.000 | ||||
| Total | 15,000.000 | 15,000.000 | |||