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Tell me what do you think is bank reconciliation statement?
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Company A has purchased goods worth Rs. 25000 from company B and made the cash payment of Rs 5000 and remaining will be payable with in 30 days. Assume that there is a late payment charge @ 2% on remaining amount as the invoice was received after due date from company B. Pass the journal entry in the books of company A for all the above transactions.
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Explain in simple terms what is the difference between asset, equity, and liabilities?
Audit 
