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-   -   Procedure of Accounting (https://www.askmehelpdesk.com/showthread.php?t=406162)

  • Oct 14, 2009, 11:42 PM
    SRINIVAS_220269
    Procedure of Accounting
    One supplier supplies vehicle on rental basis. After using the vehicle for one month, the user issued a cheque against the bill submitted by the supplier. Please advice how it is to be accounted by using debit and credit.
  • Oct 15, 2009, 02:48 AM
    ROLCAM

    DEBIT Motor Vehicle Rental Account.
    CREDIT Bank Account.

    Being m/v rent paid.
  • Oct 16, 2009, 07:13 PM
    morgaine300

    It doesn't say whether the entry is needed for the supplier or the user.

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