An account Sales is a statement of affairs relating to the _____________.

Joint Venture

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Sale or Return

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Advance Sales

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Consignment

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Solution

The correct option is A Consignment
An account sales is a statement prepared and sent by the consignee to the consignor specifying the quantity and value of goods sold, expenses incurred on behalf of the consignor, advance payment if any, commission earned and net amount for which the consignee is liable. So, it is a statement of affairs relating to consignment.

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Similar questions

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

What is meant by a 'statement of affairs'? How can the profit or loss of a trade be ascertained with the help of a statement of affairs?

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