What is the defination/meaning of Mercantile Accounting?
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Answer Posted / pooja gupta
According to Mercantile accounting system,all the income and expenses occured in the same accounting year has to be recorded,so if the transaction for income or expenses occured but payments are yet to be paid or received in future has to be recorded on accrual basis,i.e. outstanding expenses or provison for expenses or for income eg.debtors.
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