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Establishing the Change Fund
Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Petty Cash fund.
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
WHAT DO YOU MEAN BY ACCRUAL CONCEPT
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Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl
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