00:01
So let's understand the current solution.
00:06
So we will understand the deferral concept.
00:13
Okay.
00:14
Now what is the deferral concept? we will understand.
00:19
Okay.
00:21
It is the concept.
00:26
It is the concept which which enables the entity not to record the transaction, okay? not to record the transaction even if cash has been paid or received in current financial year.
01:28
Okay, we will understand it through an example.
01:37
Let's suppose there is a mr.
01:41
A and here is a here is.
01:44
Mr.
01:44
B now what happens mr.
01:48
A is dealing in business of foods and beverages selling food restaurant services basically so mr.
01:57
A pays the so mr.
02:08
A is dealing in restaurant services okay now what happens mr.
02:14
B pays the amount in advance for the of foods and beverages, okay? mr...