Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Sale of Goods on Approval or Return Basis


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Q.1 X sent some goods costing Rs. 3,500 at a profit 20% on sales or approval basis. Y returned goods costing Rs. 800. At the end of the year 2013 the remaining goods were neither returned nor approved. The closing stock to be shown in Balance Sheet will be:
  Rs. 2,700
  Rs. 2,000
  Rs. 2,700 less 25% of 2,700
  Rs. 3,500