Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are treated like actual sales and recorded through the Sales Day Book. Two months before the end of financial year it sent 300 mobiles at an Invoice Price of P3,000 each, of which 40 mobiles are accepted by customers at P2,800 each. Rest of the goods sent no further report is available. Prepare necessary entries at the end of the accounting year for Krux mobiles.

Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are treated like actual sales and recorded through the Sales Day Book. Two months before the end of financial year it sent 300 mobiles at an Invoice Price of P3,000 each, of which 40 mobiles are accepted by customers at P2,800 each. Rest of the goods sent no further report is available. Prepare necessary entries at the end of the accounting year for Krux mobiles.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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