. According to the cash basis of accounting, state the date as to when revenue must berecognised when goods are sold on 30 April and paid for on 31 May.
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Solution 1
According to the cash basis of accounting, revenue is recognized when payment is received, not when the goods are sold. Therefore, in this case, the revenue would be recognized on 31 May, which is the date the payment was received. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed to help you
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