How do you drill holes exactly ?

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The threads of a 1/4" bolt will easily pass through an accurately drilled 1/4" hole.

Getting the shank of the bolt through should be a push fit, or slightly slacker.

That's not really required and is more of a nuisance than anything. If alignment is critical dowel pins should be used. Bolt threads are rolled on when mass produced so they are rarely straight. The shank of the bolt needs room to wobble as it turns.
 
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