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Please let me know the various accounting entries in AP &
AR for a layman. Like invoice posting, payment, offset
entries, exchange fluctuation entries, i am preparing for
an interview. PLEASE HELP

Question Posted / moses

Answer Posted / moses

AP
---

While recording/entering invoice:
-----------------------------

Charge a/c xxx dr
To Liability a/c xxx cr

While Making Payment for the invoice:
-------------------------------------

Liability a/c xxx dr
To Cash a/c xxx cr

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