A company sends cars to dealers on 'sale or return' basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · June 2013
A company sends cars to dealers on 'sale or return' basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had costed ₹55,000 each have been sent on 'sale or return' basis and have been debited to customers at ₹75,000 each. Cost of goods lying with the customers would be
Answer & Explanation:
Correct Answer: Option (A)
Correct answer: (A) ₹1,10,000.
Topics: Fundamentals of Accounting
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