The document describes version 1 of a binary division algorithm. It provides an example of using the algorithm to calculate the quotient and remainder of 7 divided by 3 in binary. The algorithm works by repeatedly subtracting the divisor from the remainder, shifting the quotient left by 1 bit and shifting the divisor right by 1 bit until the remainder is smaller than the divisor. For the example calculation, the quotient is calculated to be 2 and the remainder is 1.