For FREE BCOM SEMESTER 1 CLASSES Subscribe Our You tube Channel: Avishek Jha Classes INSTAGRAM — avishekjha7 For DOUBTS WHATSAPP: 6291137153 Sales On Approval [Approx 5 Marks] 1. A trader sends out goods on approval to some customers and includes the same in the sales account. On 31.12.20, the Sundry Debtors balance (%2,50,000) includes 14,000 regarding goods sent on approval against which no intimation was received as on 31.12.20) These goods were sent out at 25% above cost price and were sent to. A-% 8,000 and B-%6,000. Stock in trade In godown was valued“at 50,000 on 31.12.20. A sent intimation of acceptance on 31,0421 and B returned the goods on 15.01.21. Pass adjustment entries on 31.12.20. Show also the entriesto be made during January, 21. 2. A trader has credited certain items 6f sales, on approval aggregating 10,000 to sales account. Of thése//goods,to the value of %3,000 have been returned and taken in stock at %1,500 though record of return was omitted in accounts; and in respect of another parcel of %1,000 (cost being %500), the period of approval did not expire on the closing date. Show adjustment and correcting entries in the books of the trader. 3. While preparing ‘the Final Accounts of a Company it is found that the améunt of its.Debtors, %5,00,000, includes %80,000 worth of goods sent out on approval and debited to Customer's accounts in respect of which the time forreturning the goods had not yet expired. The goods had been involeed at 335% above cost. ‘Sh6W the Journal entries to be passed in preparing the final accounts and also state the adjustments to be made in the final accounts. [C.U. B.Com. (Pass)] Bil PageFor FREE BCOM SEMESTER 1 CLASSES Subscribe Our You tube Channel: Avishek Jha Classes INSTAGRAM — avishekjha7 For DOUBTS WHATSAPP: 6291137153 4. M/s Prajapati Traders sends goods to its customer on sale or return basis. The following transactions took place in January to December 2022. Date Transactions x 10.07.2022 Sent goods to customer on sale or return basis at 20% profit on sale 40,000 15.07.2022 Goods returned by the customer 40,000 04.08.2022 Received letter of approval from the customer 20,000 31.12.2022 Goods with customer awaiting approval 10,000 Pass the necessary journal entries to record the above transactiomin the books of M/s Prajapati Traders. 5. M/S Bose Brothers, a trader sends goods to, his customer on sale or return basis. The following transactions took place during 2017: 25.09.17 Sent goods to customers on sale or returh, basis at cost plus 30% 1,50,000 23.10.17 Goods returned by customer 40,000 18.11.17 Received letters of approval from clistomers confirming Purchase goods. 71,000 31.12.17 Goods with customers awaiting, apptoval 39,000 (date of return has not yet expired) M/S Bose Brothers records sale or return transactions as ordinary sales. You are required to passmnecessary journal entries in the books of M/S Bose Brothers assuming that accounting year closes on 31st December, 2017. [G.U. B.Com. (Hons.) 2017 First Semester, Paper cc 1.1] 32 Page