HI Karthik,
Below are the P2P and OC2 Process and their Journal Entries,
P-2-P
1.Purchase order Requisite (No Journal Entry)
2.Purchase order Creation (No Journal Entry)
3.Goods Receipt
Inventory A/c----Debit (Transcation Key BSX in T.Code OBYC)
GRIR A/c------------ Credit (Transcation Key WRX in T.code OBYC)
4. Invoice Received
GRIR A/C-----Debit
Vendor A/C -----Credit
5.Payment to Vendor
Vendor A/c---Debit
Bank A/c--------Credit
O-2-C
1.Create Sales order ( No journal Entry)
2.Order Confirmation (No Journal Entry)
3.Delivery Picking (No journal Entry)
4.Goods Issue
Cost of Goods Sold---Debit
Stock (Finished goods)------Credit
5.Billing
Customer---Debit
Sales ------------Credit
6.Incoming Payment
Cash/Bank----Debit
Customer --------Credit.
I hope this explanation will be helpful to you....
Regards
Gouse