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What is GR/IR account? Why do you maintain that? Explain the
importance of GR/IR clearing account.
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Answer Posted / praveen
The abbreviation Dr. and Cr. are not for Debtor and Creditor
resp. but it is the abbreviation of "Debere = Dr." and
"Credere = Cr." which represents Debit and credit
transaction/ accounting entry.
| Is This Answer Correct ? | 12 Yes | 1 No |
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