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May I know why is cash in transit amounting to 400,000 deducted from trade payables? This is so confusing, in study text Kaplan it says CIT should only be reduced from TR and increased in cash but in exam kit it’s different, could you please help me out?
I think that this question has been answered previously within the forum. I think you are missing the point about the fact that the company has an overdraft that is part of current liabilities, where the cash received will reduce the overdraft.