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What is the Journal entry of the Transaction -- The Horse bought on April 20 died , its carcase was sold for rs.50. also tell me what is treatment in P/L A/c and Balance Sheet.
4 22782Post New ASDC Accounting General Interview Questions
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ASDC Accounting General Interview Questions (2)
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Hi all see the problem is, suppose i sold goods to customer 10 units @ 120 & my COGS (cost of goods sold) is 100 per unit . After that he told me your quality is not good ok & u r charging high 4 that i will pay you only 110 rs for that otherwise i will return ur goods. After that i made 1 credit memo 4 that of rs 10 ok. now the issue is it is also affecting the COGS but it has to remain same And will effect at profit & my profit must be reduced from 20 rs per unit to 10rs per unit & COGS must remain constant i.e is 100 rs
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