If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
Answer: Gross Profit will decrease by 3,320
Explanation
This question appeared in
Past Papers (1 times)
CTS Past Papers (1 times)
This question appeared in
Subjects (1 times)
ACCOUNTING (1 times)
Related MCQs
- Ramees buys good worth Rs. 6650. He gets a rebate of 6% on it. After getting the rebate, he pays sales tax @ 10%. Find the amount he will have to pay for the goods.
- Suppose Austin Sound had sales of $300,000 and sales returns of $45,000. Cost of goods sold was $152,000. How much gross profit did Austin Sound report?
- Sales invoices are first entered in ______?
- ____ should be debited when goods returned by customers.
- The return of election expenses of the returned candidate shall be submitted to the returning officer on:
- Return of the election expenses of the returned candidates can be submitted to the returning officer on:
- Ghafoor went to the stationers and bought things worth Rs. 25, out of which 30 paise went on sales tax on taxable purchases. If the tax rate was 6%, then what was the cost of the tax free items?
- Which of the following are incorrect? (I) Goods sold for cash → Debit: Cash | Credit: Sale (II) Goods bought on credit from T Carter → Debit: Purchase | Credit: T Carter (III) Goods returned by us to C Barry → Debit: C Barry | Credit: Outward (IV) Van bought for cash → Debit: Purchase | Credit: Cash
- After rashid had returned to his house, he was reading a book. find error
- A pupil’s marks were wrongly entered as 83 instead of 63. Due to the average marks for the class got increased by half. The number of pupils in the class is___________?