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T account
T ACCOUNT

Definition: A method of keeping financial records with debits (= money spent) on one side, credits (= money received) on the other side, and a line down the middle.
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* All nine elements should be in.


1. Purposeful and necessary for who keeps financial records.

2. Has a heading on top of a horizontal line over the vertical line.

3. Has an opening balance or a balance brought forward figure.

4. Debits (Drs) and Credits (Crs) are entered on the correct sides.

5. Line in the middle goes all the way down to the last details.

6. Entries and dates are correct and entered in the appropriate sides.

7. The account will be balanced at the end of particular period.

8. A closing balance or a balance brought down will be clearly stated.

9. The print or writing will be readable; records can be usable.
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See perfect METHOD (1).
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See perfect BOOKKEEPING.

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