what is journal entry. Let me have the detailed with
example. Also the difference between the journal and payment
entry.
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Answer Posted / litu
JOURNAL ENTRY IS THE ADJUSTMENT ENTRY WHICH WILL PASSED IN ORDER TO ADJUST THE ACCOUNT.
SUPPOSE SALARY DUE, SO ENTRY WILL BE
SALARY A/C DR
TO SALARY PAYABLE A/C
WHEN SALARY ACTUALLY PAID IN CASH OR CHEQUE IT WILL BE
SALARY PAYABLE DR
TO CASH/BANK A/C
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