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“X” is a Customer as well as Supplier. As on year ending, there is a debit balance of $25,350/- (as receivable of30 days old) and a Credit balance of $9,450/- (Account Payable of45 days old). a) Can the Payable amount is adjusted against the Receivable without prior written acceptance from “X”? b) If the credit policy of Receivable is60 days and Payable is30 days, Still can be adjusted ?
not allowed under normal circumstances
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