Sale of old newspapers is—

Related MCQs

• Sale of old newspapers is: Sol:
• 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 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
• Profit on sale of old plant is shown –
• Goodwill is nothing more than probability that the old customer will resort to the old place. This definition of goodwill was given by:
• The Balance in exchange difference on transaction of export sale is transferred to _________________
• Loss on sale of machinery should be written off against
• When an existing company offers its shares for sale to the existing shareholders, it is known as
• Credit sale can be obtained by preparing: