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10th TT: Recognised Current Asset Acquisition (Prom. Materials) (O14)

At this stage in the process we are ready to launch the promotional and marketing activities of BIS Ltd. The company is purchasing promotional materials at a cost of 30,000. The promotional materials, such as brochures, flyers, are needed to let potential customers know about the excellent quality of our software products. Our supplier, after delivering the goods, has submitted an invoice for the 30,000, which we need to recognise (accept) and record.

Its effect in the balance sheet is shown in the Exhibit below. 

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