Question

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 taken into Inventories at cost Rs.8,000 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 a) Rs.12,000. b) Rs.54,000. c) Rs.6,000. d) None of the above

Answer 1

option (c) Rs 6,000 is the answer

Answer 2

Answer6000

Explanation:goods cost price=30000i.e 50%of 60000

8000already included in inventory and 16000goods no information so also included in inventory

Therefore 30000-24000=6000