When a large number of articles are sent on a sale or return basis,, it is necessary to maintain

Related MCQs

• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting
• A company sends its cars to dealers on 'sale or return' basis. All such transactions ire however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost ` 55,000 each have been sent on sale or return and have been debited to customers at ` 75,000 each, cost of goods lying with the customers will be
• On 31st March, goods sold at a sale price of ` 30,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since' no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at `
• A sent some goods to B to be sold on consignment basis. 1/10 of the goods valued ` 25,000 were lost in transit. Find the value of goods sent of consignment basis —
• ________ is equal to estimated selling price less the estimated costs of completion and the estimated costs necessary to make the sale.
• Sundry debtors as per Trial Balance is ` 43,000 which includes ` 2,200 due from ‗H‘ in respect of goods sent to him on approval basis, the cost price of which is ` 1,800. Rectification would involve:
• The Capital of X Ltd. was ` 55,000 as on 01.04.2012 which fell to ` 25,000 by the end of 31.03.2013. Find the value of goods sent of consignment basis —
• In the Sale or Return Ledger
• Under sales on return or approval basis, the ownership of goods is passed only
• As per Articles of Association of the Companies Act 2013, a company has to pay interest on calls in advance at the rate of: