1) On 31st dec.,2005 goods sold at a Sale price of Rs.30,000 were lying with the customers ,M to whom these goods were sold on 'Sale or Return basis ' and recorded as actual Sales.Since no consent was received from M,the adjustment entry was made presuming goods were sent on approval at a profit of cost + 20%.in the balance sheet,the stock with customers account will be shown at rs.
5) A company sends its cars to dealers on 'Sale or Return' basis .All such transactions are, however recorded as actual Sales and passed through the Sales book. Just before the end of financial year , two cars which had cost RS.55,000 each have been sent on Sale or Return basis and have been debited to customers account at Rs.75,000 each, cost of goods lying with the customers will be
6) A trader has credited certain items of Sale on approval aggregating Rs.60,000 to Sales account .Of these ,goods of the value of Rs.16,000 have been Returned and taken into stock at cost Rs.8,000 though the records of Return was omitted in the accounts .In respect of another parcel of Rs.12,000 (cost being Rs.6,000) the period of the approval did not expire on closing date . Cost of goods lying with the customers should be
28) A company sends its cars to dealers on 'sale or return' basis. All such transaction are, however treated like actual. sales and are passed through the sales day book. Just before and end pf the financial year, two cars which had cost Rs.50,000 each have been sent on 'sale or return' and have been debited to customers at Rs.80,000 each, cost of goods lying with the customers will be
32) A trader has credited certain items of sales on approval aggregating Rs.50,000 to sales Account. of these, goods of the value of Rs.20,000 have been returned and takes into stock at cost Rs.10,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs.12,000 (cost being Rs.6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be
36) A trader has credited certain items of sales on approval aggregating Rs.60,000 to Sales Account. Of these, goods of the value of Rs.16,000 have been returned and takes into stock at cost Rs.8,000 though respect of another parcel of Rs.12,000 (cost being Rs.6,000) The period of approval did not expire on the closing date. Cost of goods lying with customers should be