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Byju's Answer

Standard XII

Economics

Budget

Following are...

Question

Following are the sales return of Jindal & Co. a saree dealer:
05.01.2016 - Goyal & Co. Rampur returned 2 Polyster sarees @ 125 each
10.01.2016 - Accepted return of goods by Garf & Co. 2 Kota sarees @ 50
17.01.2016 - Mittal & Co. Hissar returned 2 silk sarees @ 325
31.01.2016 - Mohan returned one typewriter @ 500
Total of sales returns book will be _____.

Rs.900

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Rs.800

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Rs.1000

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None of these

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Solution

The correct option is A Rs.900

Date

Particulars

Credit Note No.

L.F.

Amount

5^th Jan 2016

Goyal & Co. Rampur returned 2 Polyster sarees @ 125 each

250

10^th Jan 2016

Return of goods by Garf & Co. 2 Kota sarees @ 50

100

17^th Jan 2016

Mittal & Co. Hissar returned 2 silk sarees @ 325

650

31^st Jan 2016

No Entry

-

Total of Sales Return book

900

Suggest Corrections

Similar questions

Record the following transactions in purchase return book

(i) 2 Banarsi sarees @ Rs 2,000 each and 2 Kanjivaram sarees @ Rs 12,500 each were bought from Neema Mills, trade discount on all items @ $20 %$ . However, on delivary these sarees were found defective and were returned back with debit note no.03/2016.

(ii) Returned to Payal Mills ,Surat -5 polyster sarees @ Rs 200 each

Trade discount @ $10 %$ (Debit Note No.101)

(iii) Garg Mills, Kota accepted the returns of goods (which were purchased for cash) from us, 5 Kota sarees @ Rs 80. (Debit Note No.102)

(iv) Returned to Mittal Mills, Bangalore, 5 Silk sarees @ Rs 520 each

Trade discount @ $10 %$ (Debit Note No.103)

(v) Returned one typewriter (being defective) @ Rs 7,000 to Bansal & Co

Also prepare purchase return account and Neema Mills account.

Rectify the following errors:

(a)	Credit Sales to Mohan Rs 7,000 were recorded in purchases book.
(b)	Credit Purchases from Rohan Rs 900 were recorded in sales book.
(c)	Goods returned to Rakesh Rs 4,000 were recorded in the sales return book.
(d)	Goods returned from Mahesh Rs 1,000 were recorded in purchases return book.
(e)	Goods returned from Nahesh Rs 2,000 were recorded in purchases book.

Rectify the following errors.

(a) Credit Sales to Mohan Rs. 7,000 were recorded in purchase book.

(b) Credit Purchase from Rohan Rs. 9,000 were recorded in the sales book.

(d) Goods returned from Mahesh Rs. 1,000 were recorded in purchase return book.

Pass necessary Journal entries' to rectify the following errors:

(i) Goods returned to Mahima for Rs 5,000, entered into Sales Returns Book.

(ii) Kajol returned goods worth Rs 2,000, entered into Purchase Returns Book.

(iii) A credit purchase of Rs 3,000 from Ravina was recorded through Purchase Returns Book.

(iv) Goods worth Rs 1,160 returned to Karishma, were recorded in Purchase Book as Rs 1,106.

Rectify the following errors.

(i) Credit purchase from Rohan Rs. 9,000 were recorded in sales book.

(ii) Goods returned to Rakesh Rs. 4,000 were recorded in the sales return book.

(iii) Good returned from Mahesh Rs. 1,000 were recorded in purchases return book.

(iv) Goods returned from Mahesh Rs. 2,000 were recorded in purchases book.

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Date	Particulars	Credit Note No.	L.F.	Amount
5^th Jan 2016	Goyal & Co. Rampur returned 2 Polyster sarees @ 125 each			250
10^th Jan 2016	Return of goods by Garf & Co. 2 Kota sarees @ 50			100
17^th Jan 2016	Mittal & Co. Hissar returned 2 silk sarees @ 325			650
31^st Jan 2016	No Entry			-
	Total of Sales Return book			900