I have a query about GR/IR balances.
Is it in Balance sheet? If it is Balance Sheet where will show?
Asset side or Liability Side? if yes Why will show in asset and liability side.
Please share your answer .
When GR is passed it will hit liability side under sundry creditors as this is due to vendors. Another leg of the entry will hit to expenses under P&L OR AUC under current assets or ASSET under current assets depending upon purchase.
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