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Answer Posted / manoj
Prudence is the concept which states that expenses and liabilities should be recognized as soon as they are incurred. but income should be recognized only when it is established that the possibility of earning such income is high and not remote
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in our co we are sales of good to branch in order sales+fright, branch made jv entry in own book as full amount debit and credit. now our book show sales without freight but branch shows including freight that why differences is arise due to wrong entry passes pls clarify this entry and this entry is done last year book now balance is finalize.
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