A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be
  • a)
    Rs. 12,000.
  • b)
     Rs. 54,000.
  • c)
    Rs. 6,000.
  • d)
    None of the above.
Correct answer is option 'C'. Can you explain this answer?

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This discussion on A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.
This discussion on A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like A trader has credited certain items of sales on approval aggregating Rs. 60,000 to Sales Account. Of these, goods of the value of Rs. 16,000 have been returned and taken into stock at cost Rs. 8,000 though the record of return was omitted in the accounts. In respect of another parcel of Rs. 12,000 (cost being Rs. 6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should bea)Rs. 12,000.b)Rs. 54,000.c)Rs. 6,000.d)None of the above.Correct answer is option 'C'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.