Present business world is running on the basis of credit. Goods are purchased on credit by the wholesaler from the manufacturer, retailer purchases on credit from the wholesaler and the final consumer could purchase on credit from the retailer. Credit can be classified into two on the basis of time; short term credit and long term credit. If the buyer purchases on credit and promises to pay soon, he may get concession in price or the price will be fixed at a lower level otherwise higher price will be determined.
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