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Tag: Accounting Basics
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Understanding Sales and Purchase Orders: Key Components and Significance
Sales and purchase orders are essential documents in the process of buying and selling goods and services. They serve as formal agreements between a buyer and a seller, outlining the details of the transaction. Here’s an explanation of sales and purchase orders in detail: Purchase Order: Definition: A purchase order (PO) is a commercial document…
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Mastering Voucher Entry: Manual Accounting with Three Golden Rules and Examples
Three Golden Rules of Accounting: 1. Debit (Dr.): 2. Credit (Cr.): 3. Dual Aspect: Steps for Voucher Entry (Manual): Step 1: Identify the Transaction: Step 2: Analyze the Transaction: Step 3: Prepare the Voucher: Step 4: Apply Double-Entry: Step 5: Calculate Balances: Step 6: Post to Ledger: Examples of Voucher Entries: Example 1: Cash Purchase…