Why do you think its incorrect accounting? It is a valid accountancy practice as they have received cash before from customers and are yet to give to merchants. Hence, the cash in hand is high and so is payable. However, I agree that they are not high on cash in reality. The extra increase in cash in hand is balancing payable.
At the same time , this does not undermine that their bottom line has improved and is now 8 million profitable is correct. Even if they will pay out payables/liabilities that wont impact EBITA.
Why do you think its incorrect accounting? It is a valid...
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