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polet [3.4K]
3 years ago
11

Shiva returns goods worth Rs.2000 and received cash Rs.8000 ?​

Business
1 answer:
Reika [66]3 years ago
6 0

Answer:

When goods were sold to Shiva :

Shiva A/C   Dr   Rs.10,000

   To Sales A/C    Rs.10,000

(Being goods sold to Shiva)

When goods are being returned by Shiva :

Sales Returns A/C   Rs.2000

   To Shiva A/C   Dr    Rs.2000

(Being goods returned by Shiva)

When Cash is received from Shiva :

Cash A/C  Dr    Rs.8000

  To Shiva A/C   Rs.8000

(Being Cash received from Shiva)

HOPE THIS HELPS!!!

MARK IT AS BRAINLIEST!!!

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Answer:

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In terms of IAS 16, if an exchange of non-monetary item has commercial substance the Asset Acquired is measured at the Fair Value of Asset Given up or Fair Value of Asset Acquired.

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