Question

sure Question 1
A & Co. sends goods to his customers on Sale or Return. The following transactions took place during
2017:
nt. Sept. 15 Sent goods to customers on sale or return basis at cost plus 33 1/3 % Rs. 1,00,000
ncial Oct. 20 Goods returned by customers
Rs. 40,000
Nov. 25 Received letters of approval from customers
Rs. 40,000
Dec. 31 Goods with customers awaiting approval
Rs. 20,000
A & Co. records sale or return transactions as ordinary sales. You are required to pass the necessary
Journal Entries in the books of A & Co. assuming that accounting year closes on 31st December, 2017​

Answer 1

Answer:

trade receivable ac dr 100000

to sales acc 100000

return inward ac dr40000

to trade receivable ac 40000

sales ac dr 20000

to trade receivable ac 20000

inventories with customer ac dr15000

to trading ac15000 (note :1)

note( 1 )20000×100÷133.33

so ans is 15000

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