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What is different between cash accounting & Mercantile
Accounting ?
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Answer Posted / arpit bengani
In cashaccunting all the cash based transactions are taken
into considerations for calculating p7l for the year
irrespective the transaction is for the current or
pprevious year.
wheraes inmercantile system all expenses are allowed
rrespective of its payment and incomes are taxable on due
basis wether received or not..and moreover i is concerned
with current year only.....
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