Stock and debtors system is generally used when the goods are sent to the branch at

Related MCQs

• Opening Debtors, Collection from Debtors and Discount Allowed were `3,15,000; `18,30,000 and `35,000 respectively. If the closing debtors were 20% of credit sales of the period then closing debtors and credit sales would be
• Goods are sent to branch at cost plus 20% .If closing stock of the branch is Rs 60,000 at invoice price, Rs____ will be credited to stock reserve a/c.
• When branch A sent goods to branch B in the books of branch A debit is given to
• The entry to record the collection of cash from Sundry Debtors would involve a (i) Debit to Sundry Debtors (ii) Debit to Cash Account (iii) Credit to Sundry Debtors (iv) Credit to Cash Account
• Consider the following data pertaining to a company for the year 2011-2012 : Opening balance of sundry debtors ` 40,000; Credit sales `4,30,000; Cash sales ` 20,000; Cash collected from debtors `4,00,000; Closing balance of sundry debtors ` 50,000 The bad debts of the company during the year are
• 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 —
• 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 `
• Branch account under stock and debtors system is a ________ account
• Under stock and debtors system, which of the following accounts is prepared with a view to ascertain Gross Profit of the Branch?
• Goods sent by the head office to the branch but not received by the branch before the close of financial year are credited by head office to