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What are the 3 Basic Rules in Accounting.
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Answer Posted / preeti tyagi
1)Debit what comes in
credit what goes out
2)Debit the receiver
credit the giver
3)Debit all expensess and losses
credit all incomes and gains
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How to calculate closing stock? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?
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