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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
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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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