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If you are making a transaction of Cash Purchase on 30th
March and your accounting period ends on 31st March. Does it
affect the Current Asset of the Company?
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Answer Posted / dhatchayani
No, it will not as when a cash purchase is made, cash value
reduces and inventory value increases, by making a contra
effect between cash and inventory that are items of current
assets.
| Is This Answer Correct ? | 3 Yes | 0 No |
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