As per Note No. 3(b) of the General Instructions for preparing the Balance Sheet as per the Revised Schedule VI, "a liability shall be classified as current if it is held primarily for the purpose of being traded."
What is the meaning of this clause, in specific context of the use of the words "for the purpose of being traded"?
Should it mean a liability held during the course of trade? i.e., any liability like trade payables, advances received towards sale, etc., then it makes the 1st two conditions redundant.
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