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Q. > Please Help: Goods Sold on Approval basis
How to journalize Goods sold on Approval basis
1 Answers
answered Aug 07, 2014 by AKHIL MAHESHWARI , Bhilwara
Dear deepak, to journalize Goods sold on approval basis, in general following methodology is applied, At the time of Sending the goods:
Debtors A/c Dr. [Invoice price]
To Sales A/c
2. At year end if goods still lying with customer and
time limit not passed:
a) Reverse the original entry
b) Take the stock into account
Stock with Customers on Sale or Return A/c Dr.
To Trading A/c
[Cost or Market Value whichever is less]
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