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![]() Related Questions Should the Cash Discounts GL hit the Balance Sheet as per US accounting concept? If yes, then why and if No, then why? Please explain the entry flow and also how you would clear the open item lying the Cash discounts GL and what would be your analyses for the open line item? Latest Answer : a ledger represents collection of accounts.there are 3 ledgers viz,1.debtors/AR ledger2.creditors/AP ledger and3.General Ledgerthus ledger includes general ledger ... Latest Answer : Both Letter of Credit and Letter of Guarantee are commitment to payment by the issuer of the instrument (generally a Bank). In letter of credit, the issuer has to fulfill his commitment on fulfilling the terms and conditions of the letter of credit by ... Read Answers (1) | Asked by : faruk Latest Answer : Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping. ... Read Answers (2) | Asked by : chethana Latest Answer : Nominal a/c is related with expense/losses & income/gain where real a/c is with asset (cash,building,goodwill etc)/accounts of properties/ possessions of the buisnessman. And personal a/c's are account of individuals, firms, ltd companies, local authorities, ... Read Answers (2) | Asked by : KH What is the difference between direct expenses and indirect expensesWhat is the difference in direct What is the difference between direct expenses and indirect expensesWhat is the difference in direct income and indirect income. Explain with example. Read Answers (2) | Asked by : pankaj What is the Difference Between Profile Option and User Exits Latest Answer : don't knw ... If we availing service tax credit , what is the journal entry we have to pass when we receives the bill & what is the payment entry we have to pass if we make a payment Latest Answer : When we are making a payment for services which include service tax, Then entry will be 1. Paid to Port trust for haulage, tipping, sidding etc charges including Service Tax ... Every increase in expenditure & assets will be a debit, every decrease in expenditure & assets will be a credit - Put a journal entry and show a puchase transaction. Latest Answer : In general Accounting scenario:Purchases a/c....Dr To Cash/Creditors a/c(on making cash or credit Purchases)On paying salariesSalary a/c....Dr To Cash/Bank a/cOn Reduction of liability that is on paying the creditorsCreditors ...
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