Aman Limited (AL) purchased goods worth 3,20,000 and 1,80,000 from Rajiv Limited (RL) on cash
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Aman Limited (AL) purchased goods worth ₹ 3,20,000 and ₹ 1,80,000 from Rajiv Limited (RL) on cash and for one-month credit, respectively. AL accepted a bill of exchange of two months’ duration for ₹ 2,00,000 in favour of Dilip Limited (DL). Do these transactions result in financial assets and liabilities?
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i AL should recognize goods purchased of 500000 as a current asset but it is n...View the full answer
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