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BOOKKEEPING   25

35. Business Papers—Receipts.

Various forms of receipts can be made from the example (a) following, by changing "on account" to "in full of account," "in full of all demands," etc.

  1. Receipt on Account.

(b) Receipt for Rent.

Instead of a receipt on a separate piece of paper, as in the foregoing examples, a receipt may be written on a bill or invoice, as in Section 71, or on a cheque given in payment.

Business courtesy demands that the person receiving a payment should give a receipt for the same without being asked. Any one making a payment of any kind should ask for a receipt, if the receiver neglect to offer one.

36 (a). Double Entry Bookkeeping.

Double Entry BoQkkeeping deals with all the accounts affected by a transaction—both Personal and Impersonal. The debits are always equal in amount to the credits ; and as they are written together in one journal entry, they are said to be written double. For Single Entry see page 87.

  1. Opening the Books.

When opening the books at the commencement of business or at beginning of a set, the general rules apply : (a) Persons are debtor for what they owe, or have received on account; and they are creditor for what is owed them, or what they have given on account. (b) Cash, Bills Rec., etc.

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100

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