116. Which of the following is not a transaction?

Goods are purchased on cash basis for Rs.1000
Salaries are paid for the month of May 2010
Land is purchased for Rs. 10 lacs
An employee dismissed from the job
✅ The correct answer is D.
An employee dismissed from the job is not a transaction. A transaction is an agreement between a buyer and a seller to exchange goods, services or financial instruments.

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