Sale of goods on approval or return basis

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Student CA CPT
27 Points Posted on 08 December 2012

Hi friends,

A sent some goods costing 3500 at a profit of 25% on sale to B on sale or return basis B returned goods costing 800. At the end of the accounting period on 31st december 2011 the remainig goods were neither returned nor approved by him .the stock on approval will be shown in the balace sheet at what price ..?

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On 08 December 2012 at 16:35 Report
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242 Points Posted on 08 December 2012
goods remain for Approvel Rs.3500-800 = Rs.2700. . . . .. . so, cost of good to be shown in Balance Sheet will be 2700X75/100 =Rs. 2025.
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On 08 December 2012 at 17:15
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242 Points Posted on 08 December 2012
sorry, R.Pavithra, i'm wrong Above the amount to be shown in balance Sheet will be only Rs.2700 i.e3500-800 . . . You Have to do nothing with 25% as cost of good is itself Given.
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On 08 December 2012 at 17:29

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