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P1 C2 Dual Effect of Transactions and Types ofAccounts — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C2 Dual Effect of Transactions and Types ofAccounts1 Mark
Question
Explain credit transaction.
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Answer

When payment or receipt through cash or cheque of an economic transaction is suspended offfor some period, then it is known as credit transaction. Because of credit transaction debtor - creditor relationship takes place.

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