Accountancy, asked by iyanmemon, 6 months ago

difference between Cash and Credit transaction

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ᴛʜᴇ ᴏɴʟʏ ᴅɪғғᴇʀᴇɴᴄᴇ ʙᴇᴛᴡᴇᴇɴ ᴄᴀsʜ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ɪs ᴛʜᴇ ᴛɪᴍɪɴɢ ᴏғ ᴛʜᴇ ᴘᴀʏᴍᴇɴᴛ. ᴀ ᴄᴀsʜ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ɪs ᴀ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ᴡʜᴇʀᴇ ᴘᴀʏᴍᴇɴᴛ ɪs sᴇᴛᴛʟᴇᴅ ɪᴍᴍᴇᴅɪᴀᴛᴇʟʏ. ᴏɴ ᴛʜᴇ ᴏᴛʜᴇʀ ʜᴀɴᴅ, ᴘᴀʏᴍᴇɴᴛ ғᴏʀ ᴀ ᴄʀᴇᴅɪᴛ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ɪs sᴇᴛᴛʟᴇᴅ ᴀᴛ ᴀ ʟᴀᴛᴇʀ ᴅᴀᴛᴇ. ... ᴛʜᴀᴛ ᴄᴀɴ ᴀʟsᴏ ʙᴇ ᴄʟᴀssɪғɪᴇᴅ ᴀs ᴀ ᴄᴀsʜ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ʙᴇᴄᴀᴜsᴇ ʏᴏᴜ ᴘᴀɪᴅ ɪᴍᴍᴇᴅɪᴀᴛᴇʟʏ.

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difference between Cash and Credit transaction