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Insurance Claim Doubt - Variation in treatment from PM answer

What is the correct Treatment of Goods sent on approval - 1. For the Goods approved 2. For the goods Not yet approved While making the Memo Trading Account to calculate Closing Stock.


Kaveesh Sethi

Kaveesh Sethi

CA Inter

2K+

18-Dec-20 20:48

35

Answers (3)

Best Answer

1. For the Goods Approved :- No Adjustment Required for this. Only GP is Calculated on the Amount Given on Sales. 2. For Goods not yet approved :- Selling Value of Goods sent on Approval is Deducted from Sales. Cost of Goods Sent on Approval is shown on Credit Side of Memorandum Trading A/c. GP is Calculated on the Net Value. Balance Stock (excluding Cost of Goods Send on Approval) will be taken as Stock on Date of Fire. Hope You have Understand. Please upvote me.ð???


Puneet Agrawal

Puneet Agrawal

CA Inter

11K+

31-Dec-20 18:24

Pls share relevant question for us to understand your query better.


Suraj Lakhotia

Suraj Lakhotia

Admin

19-Dec-20 07:34

Pls share relevant question for us to understand your query better.

Sir that student was asking for Provisions only...Not about Question. ð???ð???


Puneet Agrawal

Puneet Agrawal

CA Inter

11K+

31-Dec-20 18:24

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