Sale On Approval Meaning
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FAQ
Usually, when the goods are sold to the customer, they are immediately treated as sales and the revenue is recognized. However, when the goods are sold on approval or return basis the accounting treatment is different. The sale is recorded only when the goods are approved by the buyer.
A sale on approval contract regulates a conditional sale where the buyer receives goods for evaluation before deciding to buy them. Goods sold through a sale on approval contract are held in bailment by the buyer until they accept them.
Goods sent on approval basis refer to goods that are sent by a supplier to a recipient for approval. The recipient can either accept or reject the goods within a stipulated period. If the recipient accepts the goods, then the sale is completed, and the supplier issues an invoice for the same.
The goods sold on approval or return basis implies that the goods are sent to the buyer on a condition that if he likes the goods he can keep them else returns them. The best example of these sales can be online sales from sellers like Amazon, Flipkart, Paytm, etc.