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Australian Credit Management Law Bulletin – Vol 1, No 3, July 2018

Australian Credit Management Law Bulletin – Vol 1, No 3, July 2018

This bulletin is not legal advice. Do not make decisions on legal matters based on a brief commentary. Instead, get professional legal advice. 1. Company survives loss of director Pace v Australian Securities & Investments Commission [1999] WASC 151 (31 August 2017) Mr Pace was convicted on 13 charges of fraud relating to grants received from the Department of Commerce and Trade before the relevant expenditure had been incurred. A person who has been convicted of an offence relating to…

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Debits and Credits: Round 3

Debits and Credits: Round 3

Ding! Ding! Ding! It’s time for the third and final round of the Debit and Credit Showdown, which means you’re one step closer to understanding debits and credits. During Round 1, we learned some of the big punches that debits and credits pack. In Round 2, we bobbed and weaved our way around the double-entry system, and for Round 3 it’s time to pull out our big guns because we’re going to knock out the recording process. There are three steps to the…

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Debits and Credits: Round 2

Debits and Credits: Round 2

In Round 1, we learned the very basics of debits and credits, but this time around, we’re going to step it up a notch. If you need a quick refresher, take a second to look over what we discussed last time. To start this round we’ll talk about the T-Account, which consists of three parts – the title, the left side (aka debit), and the right side (aka credit). It’s called a T-Account because in its most basic form, it looks…

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Debits and Credits: Round 1

Debits and Credits: Round 1

Ok, so the showdown isn’t debits versus credits, its debits and credits versus our understanding of them… or lack thereof. Hopefully by the end of this match you’ll come out victorious. With that said – LET’S GET READY TO RUMBLE! Any good boxing coach will tell you two things. The first is to get to know your opponent, so that’s exactly what we’ll do and the best way to do that is to throw out everything that we think we…

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