CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Cost of Goods Sold

X send goods ...

Question

X send goods to Y to be sold by Y at his own risk and cost. This is a case of _____________.

A

partnership business

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

limited liability partnership

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

sales

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

D

joint venture

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C sales
Ownership/title of the goods is passed to the buyer if there is a legal sales done. Once the goods is passed to the buyer against sale, it is the responsibility of buyer to sale the same it his own risk.

X sends the goods to Y which need to be sold by Y at his own risk and cost is a case of sale.

Suggest Corrections

thumbs-up

0

Similar questions

Q. A bought goods of the value of Rs

10, 000

and consigned them to B to be sold by them on a joint venture, profits being divided equally. A draws a bill on B for an amount equivalent to

80 %

of cost on consignment. The amount of bill will be ______________.

Q. A & B enter into a joint venture sharing profit and losses in the ratio

3 : 2

. A will purchase goods and B will sell. A purchase goods costing Rs

2, 00, 000

. B sold it for Rs

3, 00, 000

. The venture is terminated after

3

months. A is entitled to get

10 %

interest on capital invested irrespective of utilization period. The amount of interest received by A will be:

Q. A & B enter into a joint venture sharing profit & losses in the ratio of

2 : 1

. A purchased goods costing Rs

2, 00, 000

. B sold the goods for

R s .2, 50, 000

. A is entitled to get

1 %

commission on purchase and B is entitled to get

5 %

commission on sales. The profit on venture will be :

Q. Cost of Goods lost by fire 5000, Insurance Co. paid a claim of 80%. In this case Joint Venture Account will be________.

Q. During a financial year, a shopkeeper purchased goods worth Rs. 4,15,000 and paid a total tax of Rs. 38,000. His sales during this period consisted of a taxable turnover of Rs. 50,000 for goods taxable at 5% and Rs. 3,20,000 for goods taxable at 12%. He also sold tax exempted goods worth Rs. 45,000 during this period. Calculate his tax liability (under VAT) for the financial year.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Profit or Loss Account

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Cost of Goods Sold

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon