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Settlement charges in a purchase journal entry
teewhykay
Jul 7, 2009, 07:33 AM
I need to know how to classify the settlement charges in a purchase journal entry.
ROLCAM
Jul 8, 2009, 06:22 AM
You must find out what they are in the first place.
Identify them out of purchases.
Do not include them in the Trading Account.
Once you identify them , charge them
On the Profit and Loss Account.