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Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually.
2020
Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost.
Feb. 25 Pooja returned goods of selling price ₹10,000.
Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000.
Apr. 10 Pooja returned balance goods.
( Accounting year ends every year on 31/3 )?
2020
Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost.
Feb. 25 Pooja returned goods of selling price ₹10,000.
Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000.
Apr. 10 Pooja returned balance goods.
( Accounting year ends every year on 31/3 )?
Most Upvoted Answer
Journalise the following transactions in the books of Ashish when he s...
Journal Entries for Sale or Return Transactions in the Books of Ashish
February 10: Ashish sent goods to Pooja at a cost of ₹30,000, adding a profit of 33.3333% on the cost.
Debit: Pooja's Account - ₹39,999 (₹30,000 + 33.3333% of ₹30,000)
Credit: Sales Account - ₹39,999
February 25: Pooja returned goods with a selling price of ₹10,000.
Debit: Sales Return Account - ₹10,000
Credit: Pooja's Account - ₹10,000
March 15: Pooja approved 50% of the goods sent at a price of ₹25,000.
Debit: Sales Return Account - ₹15,000 (50% of ₹30,000)
Credit: Pooja's Account - ₹15,000
April 10: Pooja returned the balance goods.
Debit: Sales Return Account - ₹15,000 (remaining 50% of ₹30,000)
Credit: Pooja's Account - ₹15,000
Explanation:
The above transactions are related to sale or return. Sale or return is a type of transaction in which the buyer has the option to return the goods if they are not satisfied with them or if they cannot sell them. In such cases, the seller has to make the necessary adjustments in his books of accounts.
In the given transactions, Ashish sent goods to Pooja on a sale or return basis. The cost of the goods was ₹30,000, and Ashish added a profit of 33.3333% on the cost, making the total amount ₹39,999. When Pooja returned the goods with a selling price of ₹10,000, Ashish had to make the necessary adjustments in his books of accounts by debiting the Sales Return Account and crediting Pooja's Account.
Later, Pooja approved 50% of the goods sent at a price of ₹25,000. Ashish made the necessary adjustments in his books by debiting the Sales Return Account and crediting Pooja's Account. Finally, when Pooja returned the balance goods, Ashish again made the necessary adjustments in his books by debiting the Sales Return Account and crediting Pooja's Account.
As the accounting year ends on 31st March, Ashish has to prepare his final accounts for the year, taking into account the above transactions.
February 10: Ashish sent goods to Pooja at a cost of ₹30,000, adding a profit of 33.3333% on the cost.
Debit: Pooja's Account - ₹39,999 (₹30,000 + 33.3333% of ₹30,000)
Credit: Sales Account - ₹39,999
February 25: Pooja returned goods with a selling price of ₹10,000.
Debit: Sales Return Account - ₹10,000
Credit: Pooja's Account - ₹10,000
March 15: Pooja approved 50% of the goods sent at a price of ₹25,000.
Debit: Sales Return Account - ₹15,000 (50% of ₹30,000)
Credit: Pooja's Account - ₹15,000
April 10: Pooja returned the balance goods.
Debit: Sales Return Account - ₹15,000 (remaining 50% of ₹30,000)
Credit: Pooja's Account - ₹15,000
Explanation:
The above transactions are related to sale or return. Sale or return is a type of transaction in which the buyer has the option to return the goods if they are not satisfied with them or if they cannot sell them. In such cases, the seller has to make the necessary adjustments in his books of accounts.
In the given transactions, Ashish sent goods to Pooja on a sale or return basis. The cost of the goods was ₹30,000, and Ashish added a profit of 33.3333% on the cost, making the total amount ₹39,999. When Pooja returned the goods with a selling price of ₹10,000, Ashish had to make the necessary adjustments in his books of accounts by debiting the Sales Return Account and crediting Pooja's Account.
Later, Pooja approved 50% of the goods sent at a price of ₹25,000. Ashish made the necessary adjustments in his books by debiting the Sales Return Account and crediting Pooja's Account. Finally, when Pooja returned the balance goods, Ashish again made the necessary adjustments in his books by debiting the Sales Return Account and crediting Pooja's Account.
As the accounting year ends on 31st March, Ashish has to prepare his final accounts for the year, taking into account the above transactions.
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Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )?
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Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )?.
Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )?.
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Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )?, a detailed solution for Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? has been provided alongside types of Journalise the following transactions in the books of Ashish when he sends goods on sale or return casually. 2020 Feb. 10 Sent goods to Pooja ₹30,000( cost) adding profit of 33.3333% on cost. Feb. 25 Pooja returned goods of selling price ₹10,000. Mar. 15 Pooja gave approval for 50% of goods sent at ₹25,000. Apr. 10 Pooja returned balance goods. ( Accounting year ends every year on 31/3 )? theory, EduRev gives you an
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