Rosemary Enterprises sells its merchandise under hire purchase schemes. Legal title to the goods is not relinquished
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Rosemary Enterprises sells its merchandise under hire purchase schemes. Legal title to the goods is not relinquished until the customer fully pays the instalments.
A summary of the transactions of the firm for first four years of its existence is given below (all figures in ₹):Indicate the realised gross profit for each of the years.
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Sales on H.P. basis. Opening Stock Stock at close Purchases Amounts realised from customers : 2015 Sales 2016 Sales 2017 Sales 2018 Sales 2015 6,66,000 1,20,000 6,75,000 2,20,000 2016 9,50,000 1,20,000 1,60,000 8,00,000 2,80,000 4,00,000 2017 10,20,000 1,60,000 2,40,000 8,55,000 1,00,000 2,80,000 4,80,000 2018 11,04,000 2,40,000 3,20,000 9,20,000 55,000 2,00,000 4,00,000 3,50,000
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Related Book For
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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