Why is it deducted from sales in Trading account

Assignment Help Accounting Basics
Reference no: EM133039687

Question - Goods costing Rs 10000 was sent on approval basis for 12000. Thid was recorded as cash sales. Why is it deducted from sales in Trading account and from debtors in Balance sheet?

Reference no: EM133039687

Questions Cloud

Poster on camera trapping for assessing mammal population : Poster on Camera trapping for assessing mammal population in woodlands - explaining how the approach works in principle
Unethical sales presentation techniques characters : Bernie is very interested in buying a color television. He tells Sam, the salesperson in the discount store where he feels he can get the best buy, that his old
Question on information systems : Case: Information systems can help us to address mental health challenges. Assuming you areaddicted to one of the following: alcohol, smoking, social media
What the correct net present value of the machine : If Carlin ignores income taxes and the machine is expected to have a six-year service life, what the correct net present value of the machine
Why is it deducted from sales in Trading account : Goods costing Rs 10000 was sent on approval basis for 12000. Thid was recorded as cash sales. Why is it deducted from sales in Trading account
Essay - Heterodox economics approaches : Essay - Heterodox economics approaches - heterodox economics approaches of your choice, diagnose what you consider to be a central problem
What is the probability of spending more than two days : The patient recovery time from particular surgical procedure is normally distributed with a mean of 5.3 day. What is probability of spending more than two days
How much is the company contract asset for the year : Costs incurred to date P900,000; Construction income to date P300,000. How much is the company's contract asset (liability) for the year 2019
What is the approach of railway organisation : What is the approach of railway (Network rail) organisation?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the appropriate discount factors using tables

The Sweetwater Candy Company would like to buy a new machine that would automatically "dip" chocolates. The dipping operation is currently done largely by hand.

  What type of lease is this in the hands of dcl leasing

What is the total pre-tax effect (one figure) for the year ended December 31, 2018 as a result of DCL entering into this lease agreement?

  Compute the Duffy share of Fox loss

Duffy's basis for the stock was $10,000. Duffy was a full-time employee of Fox until the stock was sold. Compute the Duffy's share of Fox's loss

  What amount of interest and principal will be repaid

Assuming that he can borrow the funds at a 10 percent interest rate, what amount of interest and principal will be repaid at the end of each year

  Disclosure requirement on accounting policies

Discuss the disclosure requirement on accounting policies, and identify at least two (2) examples of the most commonly required disclosure. Explain the key ways in which the examples you provided are useful to financial statement users.

  Find what will be the change in the degree of total leverage

Find What will be the change in the degree of total leverage? If the degree of operating leverage of a company is increased by 30%

  Calculate the amount that Wildhorse would be allowed

Calculate the amount that Wildhorse would be allowed to capitalize as an intangible asset for 2020, assuming that Wildhorse follows IFRS

  Identify what type of adjusting entry

Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, accrued revenue) is needed in each situation, at December 31, 2010.

  For this discussion you will research the minimum wage laws

for this discussion you will research the minimum wage laws. your response must include a discussion of both the

  Calculate the processing load and available capacity

Calculate the processing load and available capacity and develop the load profile for a dishwasher. Eight employees work the assembly process for 40 hours per.

  Explain why is accounting said to be political in nature

Explain Why is accounting said to be political in nature? How can a conceptual framework help in the setting of accounting standards in a political environment?

  Prepare journal entry on December

Prepare journal entry on December 31, 2023 to record the return of the equipment to the lessor assuming the fair value of the equipment is only P600,000

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd