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AE for Sale of Goods

Which of the ...

Question

Which of the following should not be called ‘Sales’?

A

Sale of item previously included in 'Purchases'

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B

Goods sold on credit

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C

Office fixtures sold

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D

Goods sold for cash

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Solution

The correct option is C
Office fixtures sold

Office furniture when sold shall not be recorded in sales. The profit shall be recorded in other income of the business.

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Similar questions

Q. Which of the following should be entered in the Journal?
(i) Payment for purchases
(ii) Fixtures bought on credit
(iii) Credit sale of goods
(iv) Sale of surplus machinery.

Q. From the following information, calculate value of Opening Inventory:

Closing Inventory	=	₹ 68,000
Total Sales	=	₹ 4,80,000 (including Cash Sales ₹ 1,20,000)
Total Purchases	=	₹ 3,60,000 (including Credit Purchases ₹ 2,39,200)

Goods are sold at a profit of 25% on cost.

Q. From the following transactions, state the nature of accounts and state the accounts which will be debited and credited:
1. Ganesh started business with Cash ₹ 2,00,000.
2. Purchased goods for Cash ₹ 60,000.
3. Sold goods for cash ₹ 75,000.
4. Purchased goods from Nakul on Credit for ₹ 80,000.
5. Sold goods to Bhushan on Credit for ₹ 50,000.
6. Paid Cash to Nakul ₹ 20,000.
7. Received Cash from Bhushan ₹ 10,000.
8. Paid salary ₹ 20,000.

Q. Put the following on the proper side of Cash account, Debtor's account and Creditor's account:
(a) Sold goods for cash ₹ 60,000.
(b) Sold goods to Hari on credit ₹ 20,000.
(c) Purchased goods from Krishan on credit ₹ 36,000.
(d) Purchased goods from Krishan for cash ₹ 10,000.
(e) Cash received from Hari ₹ 15,000.
(f) Cash paid to Krishan ₹ 28,000.

Q. Prove that accounting equation is satisfied in all the following cases:
(a) Commenced business with cash ₹ 50,000.
(b) Paid rent ₹ 4,000 including ₹ 1,000 as advance.
(c) Bought goods for cash ₹ 30,000 and on credit ₹ 20,000.
(d) Sold the goods bought on credit for ₹ 25,000.
(e) Purchased furniture worth ₹ 10,000 for office use and for ₹ 5,000 for domestic use.

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