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State with reason whether the following statements are True or False: (i) Sales Book is a part of the Ledger. (ii) Sales Return Book records return of goods sold. (iii) In Purchases Book, the record is in respect of cash purchases of goods. (iv) Total of the Sales Book is posted to the credit of the Sales Account. |
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Answer» (i) False: Sales Book is a book of original entries. (ii) True: Goods returned by customers are recorded in Sales Return Book. (iii) False: Only credit purchases of goods are recorded in Purchases Book. (iv) True: Total of the Sales Book is posted to the Credit of the Sales Account in Ledger periodically. |
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