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Changes in Trade Receivables

Goods returne...

Question

Goods returned to X for Rs.10,000 passed through the sales Book. The error will result in ________________.

A

Increase in gross profit

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B

Decrease in gross profit

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C

No effect on gross profit

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D

Either (a) or (b)

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Solution

The correct option is A Increase in gross profit
Due to the wrong posting of purchase return in sales A/c, sales increases by Rs.10000 , that will result in increase in gross profit.

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