Explain me the term material facts in accounting?
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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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If We Purchase Service Of Bl Fees; Is It Necessary To Make Entry As XYZ Co A/c. Dr To BL Fees A/c. Or Just To Make Entry As XYZ Co A/c. Dr To Purchase A/c. Is It The Wrong In Audit Or Any Gen Check Of Entries.
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Please let me know Under head of Sales Advance?
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