In SAP MM ECC6.0, evaluate the following subcontracting scenario and answer the question.
Bill of Material for M1020
. M10 uses 1 pcs (M10 "V" $1/pc)
. M20 uses 2 pcs (M20 "V" $2/pc)
The subcontracting info record for material M1020 is at $ 10 / pc. Assume a purchase order of 100 was created, goods receipt were done in full quantity of 100 pc and invoice verification of 100 pc was also completed. What are the accounting postings at invoice verification ? (Assume tax = 10%)
(only one one answers)
(A) Debit GR/IR account at $ 1000, Debit Tax account at $ 100, and Credit Vendor account at $ 1100.
(B) Debit Purchasing Services account at $ 1000, Debit Tax account at $ 100, and Credit Vendor account at $ 1100.
(C) Debit Finished goods stock account at $ 1500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Cost of Goods sold account at $ 1500, and Credit Vendor account at $ 1100.
(D) Debit Consumption account at $ 500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Stock account at $ 500, and Credit Vendor account at $ 1100.
(E) Debit Finished goods stock account at $ 1500, Debit Consumption account at $ 500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Stock account at $ 500, Credit Cost of Goods sold account at $ 1500, and Credit Vendor account at $ 1100.
.
Bill of Material for M1020
. M10 uses 1 pcs (M10 "V" $1/pc)
. M20 uses 2 pcs (M20 "V" $2/pc)
The subcontracting info record for material M1020 is at $ 10 / pc. Assume a purchase order of 100 was created, goods receipt were done in full quantity of 100 pc and invoice verification of 100 pc was also completed. What are the accounting postings at invoice verification ? (Assume tax = 10%)
(only one one answers)
(A) Debit GR/IR account at $ 1000, Debit Tax account at $ 100, and Credit Vendor account at $ 1100.
(B) Debit Purchasing Services account at $ 1000, Debit Tax account at $ 100, and Credit Vendor account at $ 1100.
(C) Debit Finished goods stock account at $ 1500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Cost of Goods sold account at $ 1500, and Credit Vendor account at $ 1100.
(D) Debit Consumption account at $ 500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Stock account at $ 500, and Credit Vendor account at $ 1100.
(E) Debit Finished goods stock account at $ 1500, Debit Consumption account at $ 500, Debit GR/IR account at $ 1000, Debit Tax account at $ 100, Credit Stock account at $ 500, Credit Cost of Goods sold account at $ 1500, and Credit Vendor account at $ 1100.
.
Answer: A
ReplyDeleteAt GR, one of the accounting entries are:
ReplyDeleteDebit Purchasing Expenses $1000
Credit GR/IR $1000
Therefore, at LIV:
Debit GR/IR $1000
Debit Tax $100 (10% tax)
Credit Vendor $1100