In cash transactions goods or services are purchased for certain value to be paid in future.

True

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False

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Solution

The correct option is B False
The above statement is fully false as cash transactions are those transaction where there is an immediate payment of cash for the purchase of an asset.

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2018		₹
Jan 1	Ripinder started business with capital	2,00,000
Jan 2	Purchased furniture for cash	50,000
Jan 3	Purchased goods for cash	30,000
Jan 5	Paid freight	500
Jan 7	Sold goods for cash	28,000
Jan 10	Paid to Ramesh	20,000
Jan 15	Sold goods for cash	10,000
Jan 20	Paid wages	10,000
Jan 25	Purchased goods from Raj on credit	20,000
Jan 31	Paid rent by Cheque	5,000

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