If the buyer
returns the product, the seller usually issues a credit memo for the same or
lower amount than the invoice, and then refunds the money to the buyer, or the
buyer can apply that credit memo to another invoice.
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This is the basic concept of accounting. According to this concept, every financial transaction involves a two-folded aspect, (a)yielding ... -
Illustration 1 Rectify the following error and find out the effect of the errors on Net Profit. a. Purchases of Rs.300 from Raman passe...
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Classify the following accounts into (a) personal accounts, (b) real accounts, and (c)nominal accounts: Furniture Account Salaries Acc...
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