Please help

so this is a question from study material of cpt (accounts)

rectify following errors:

1.goods sold and recorded as sales for rs.4000,were packed.however stock taking intervened and the parcel of goods was not despatched but was included in stock in hand.the title of goods has not been transferred to buyer.

now the rectification entry is given as:-

sales a/c dr. 4000

To sundry debtors a/c 4000

(Entry for credit sales reversed)

my questions are:-

1.where has it been mentioned that this is a credit sales?

2.what is title of goods not transferred means?i mean without it how can one say it is sales?

please reply i am confused

Replies (2)
See first of all what we do take is when their isnt any name given we assume it to be credit sales for ur andwer no. 1
And for ur 2 que. I would say the realisation concept says that whenever u realise the sales u have to record it, and the question mentions it that sales had been recorded and stock taking is intervened Its just like u have someone elses nee thing and u know its not urs and u have to give it soon! But till that time u have to take proper care of it!

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
04 September 2026
CA inter Or ca finalist

A Jaiswal and company

Lucknow

CA Final

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details