what is exact entry for cash receipts and cash payments?
did sales n purchases invoices are issued to this receipts
n payments?
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Answer Posted / satyaki_raju@yahoo.com
cash is an asset and its natural position is always Debit
From whatever source you receive cash you debit it.While
utilising the cash you have to reverse the natural
position i.e you credit it. By making a credit the value of
the cash will come down
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