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Financial Account: Consignment Accounts

Mr. X consigned 100 boxes of goods costing Rs. 30 per box to his agent Pillai, to be sold with a 5% commission on sales. Pillai sold 80 boxes for Rs. 3500 after paying Rs. 150 in expenses. He sent the consignor a bank draft for the proceeds. The K motors consigned two cars costing Rs. 48,000 each to their agent in Patna with an 8% commission. The agent sold one car for Rs. 65,000 but could only remit Rs. 52,000 as the second car's buyer defaulted on Rs. 13,000. Ramdas consigned 50 bundles of cloth costing Rs. 700

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34 views1 page

Financial Account: Consignment Accounts

Mr. X consigned 100 boxes of goods costing Rs. 30 per box to his agent Pillai, to be sold with a 5% commission on sales. Pillai sold 80 boxes for Rs. 3500 after paying Rs. 150 in expenses. He sent the consignor a bank draft for the proceeds. The K motors consigned two cars costing Rs. 48,000 each to their agent in Patna with an 8% commission. The agent sold one car for Rs. 65,000 but could only remit Rs. 52,000 as the second car's buyer defaulted on Rs. 13,000. Ramdas consigned 50 bundles of cloth costing Rs. 700

Uploaded by

Saloni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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FINANCIAL ACCOUNT

CONSIGNMENT ACCOUNTS
Q Mr X of Mumbai consigned 100 boxes of goods costing rs 30 per box
to his agent pillai of kolkatta to be sold by latter for commission of 5%
on sales . he paid rs 750 as freight and insurance in sending goods . the
agent sold 80 boxes for rs 3500 he paid 150 on various accounts before
goods arrive at his godown and as selling expenses agent sent a bank
draft informing that he sold at market price rs 35 per box accounts in
both books
Q The k motors consigned to their agent in patna two motor cars costing
rs 48000 each on sale . commission payable ordinary 8%ans del credere
commission 2% agent bear all expenses in patna which amounted to rs
6500 . agent sold one car for rs65000 and remitted rs 52000 on account .
second car was sold for 71500 but oout of it sum of 13000 beccame bad
debt
Q ramdas of raigad consigned 50 bundles of cutpiece cloth @700 each
to mr k of Kashmir to be sold on commission basis . an advabce of
16000 was received from me k sent an account of sale which states total
sale of rs 56000 ans rs1800 were paid to carriage . commission was
2000 .
Prepare accounts in both books and pass journal entry in book of
consignor

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