1. CPTSuccess Revision Notes – Fundamentals of Accounting Chapter 7. Accounting for Special Transactions Unit 4: Sales of Goods on Approval or Return basis

3. In case of Sale of goods on approval or return basis, the sale will take place when one of following things happen:

4. When buyer signifies his approval to the seller

5. When he does some act adopting the transaction

6. When the specified time expires© Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com

8. Goods sent on approval

9. Goods returned

10. Goods approved, and

11. Balance

12. Memorandum records of sale on approval are not part of any accounting system because they are maintained for the internal control purposes of the seller. © Revision Notes - Fundamentals of Accounting CPTSuccess www.cptsuccess.com

13. CPTSuccess