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Which of the following transactions is a credit transaction?
(A) Sale of goods for cash
(B) Sale of goods and receipt of a cheque
(C) Sale of goods with payment due in 60 days
(D) Receipt of a cheque for goods sold 40 days agoIt is a kit question. Sir here Answer is “C”.
Sir can you please explain why not D.D is certainly related to a credit transaction, but it is not itself a credit transaction – it is the settlement of a debt by receiving cash. The credit transaction (ie giving or receiving credit) happened 40 days ago.
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