Tag: elements of book keeping and accountancy

Ram sends goods on approval basis as follows :

The stock of goods sent on approval on 31st January will be:

In a joint venture, A contributes Rs. 8,000 and B contributes Rs. 10,000. Goods are purchased for Rs. 11,000. Expenses amount to Rs. 1,000. Sales amount to Rs. 14,000, the remaining goods were taken by B at an agreed price of Rs. 400. A and B share profits and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive ?

Under sales on return or approval basis, when transactions are few and the seller at the end of the accounting year reverses the sale entry, then the accounting treatment for the goods returned by the customers on a subsequent date will be ______________.

A and B entered into a joint Venture to purchase and sell a new item. They agreed to share the profits and losses equally, A purchased goods worth Rs. 90,000 and spent Rs. 25,000 in sending the goods, B spent Rs. 5,000 as selling expenses and sold goods for Rs. 20,0000. What will be the amount  remitted by B to A as final settlement ?

Under sales on return or approval basis, the ownership of goods is passed only ___________________.

A, for joint venture with B, purchased goods costing 2,00,000, B sold 80% of' the goods for Rs. 2,50,000. Balance of goods were taken over by B at cost less 25%. Find out profit on venture ?

Which of the following are generally the inventories of a service business _________.

Which method of inventory valuation helps in reducing the burden of income tax in times of rising prices?

A higher inventory ratio indicates ____________.

Activities related to coordinating, controlling and planning flow of inventory are classified as ________________.