Sales and Purchases, Debtors and Creditors
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Chapter 6 was concerned with accounting for the fixed assets which a firm needs to carry out its operations. Chapters 7 and 8 were concerned with various aspects of accounting for stock. The acquisition of a firm’s assets and stock are necessary to enable the firm to generate sales. The purpose of Chapter 9 is to explain the accounting issues related to sales, and to deal with some aspects of accounting for purchases.
KeywordsPersonal Account Control Account Credit Transaction Cash Receipt Cash Sale
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