A trader has made a sale of rs.75500 out of which cash sales amounted to rs.25500.he showed trade receivable on 31/3/2014 at rs.25500.which concept is followed by him
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The concept Followed By him was Accrual.
Explanation:
Accrual meaning:
When the transactions are recorded in the books of accounts as they occur even if the seller didn't receive the payment for that particular product or service, it is known as accrual-based accounting.
Examples of accrual accounting are given below:-
- Sales on Credit.
- Purchase on Credit.
- Income Tax Expenses.
- Rent Paid in Advance.
- Interest Received on FD.
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