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Financial Forensics · Quiz 1 · 26 Feb 2023 · January 2023 term · Set QPE2

Question 15: Mr. Steve purchased goods amounting to ₹ 1,00,000 from A…

Question 15

+1 markOne correct option

Mr. Steve purchased goods amounting to ₹ 1,00,000 from ABC Inc. Two days later Mr. Steve discovered that goods of ₹ 40,000 (Cost ₹ 35,000) was bought in excess. He returned the goods immediately and the same was considered worthy for resale by ABC Inc. upon evaluation. In the books of ABC Inc., this transaction will be treated as ____

  1. A

    Purchase returns with value of ₹ 35,000

  2. B

    Sales returns with value of ₹ 35,000

  3. C

    Sales returns with value of ₹ 40,000

  4. D

    Purchase returns with value of ₹40,000

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Correct answer

  • C

    Sales returns with value of ₹ 40,000

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Question 15 of 25 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 26 Feb 2023, in the January 2023 term (IIT M DEGREE AN4 EXAM QPE4 26 Feb 2023). It carries 1 mark.

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