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Define Accruals or accrued charges
What are Accruals or accrued charges - Expenses that are done for the current accounting period which have not yet been paid. These are sometimes referred to as provisions. Accrued income mainly refers to cash received in advance for a service not yet given to the customer.
EXPLIN THE PROCEDURE FOLLOWED IN GOVERMENT SYSTEM OF ACCOUNTING IN INDIA.
Purchased used truck for 8,000 ,paying 2,000 cash and the balance on account
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