Final Accounts ...

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 ______________.

Ram sends goods on approval basis as follows :

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 ?

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 ?

Goods sold by other co-venturer is debited to which account ________________.

 X a co-venturer returns goods to other co- venturer Y. In whose books the transaction would be recorded under memorandum joint venture method?

Profit and loss account is prepared for a period of one year as per ____________.

If the manager is entitled to a commission of 5% on profits before deducting this commission, he will get a commission of Rs. ________on a profit of Rs. 8,400.

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 ?

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