Question

Question 1: Amit is a l trader of Kolkata, sold goods both cash and credit basis and

few goods are sold on sale on approval basis at a Invoice Price cost Plus 25% on cost,

which is recorded as sale at time of sending the Goods. At the end of the year

31.12.2020 Goods sent on approval basis still unsold Rs. 40,000.Closing debtors Rs.

120,000, Closing stock in the Godown Rs. 25,000 and sales During the year Rs.

10,00,000. In the month of January 2021 following transactions take place.

5.1.2021- Return Goods worth Rs. 8,000

6.1.2021- Give the intimation to accept the goods Rs. 12,000 at the Invoice Price

7.1.2021- Accept the goods having Invoice price Rs. 10,000 sold at discount Rs.

2,000

8.1.2021- Accept the balance goods at current market price .which is 20% more

than Invoice Price

You are required to:

1. Pass adjustment entries on 31.12.2020.

2. Show the effect in the Financial statement.

3. Pass the Journal entries for the transaction s in the next year

(2 + 3 + 5)




plzzzzz help me with this ​

Answer 1

Answer:

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Explanation:

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