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general entry for credit purchases, credit sales, golden
rules of accounting,what is contribution.
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Answer Posted / b.thirupathi
PURCHASES A/C...DR
TO SUPLIER A/C
RULE:
real a/c: what comes in....DR.
So we debited purchases and
personal a/c: who gives is credit
so we credited the suplier
debtor a/c....dr
to sales a/c
RULE:
PERSONAL A/C: who recives is debit,
so we debited the debtor,
REAL A/C: what goes out is credit
so we credited sales
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