+1-415-670-9189
info@expertsmind.com
Prepare the consignment account
Course:- Cost Accounting
Reference No.:- EM13298377




Assignment Help
Assignment Help >> Cost Accounting

on 1st January 1988 red of quetta consigned to blueof Karachi goods for sale blue is entitled to commission of 6% oninvoice price and 20% of any surplus price realized. Goods costingRs.18000 were consigned to blue of Karachi at invoice price ofRs.22500. the expenses of consignment amounted to Rs.1800 wereincurred by red. On 1st march, an account saleswas received from blue showing that he had affected sales ofRs.18500 in respect of 75% of the quantity of goods consigned tohim. His actual out of pocket expenses were freight in Rs. 180 ,fire insurance Rs.90 and other expenses Rs.230, blue accepted abill drawn by red for Rs.10000 and remitted the balance incash.

Reuired: prepare the consignment account in the books of consigner.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Cost Accounting) Materials
The company uses a 3-year planning period and a MARR of 15% per year. Determine which copier the company should acquire on the basis of an incremental rate of return analysi
Prepare the January 2016 income statement for Video Wave Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices fo
At the end of the year, the firm's records revealed the following actual cost and operating data for all cases handled during the year. Determine the amount of underapplied o
Complete the chart by filling in the labor time required to produce 8 and 16 units and compare the cost of producing the first unit to the cost of producing the 16th unit. Wh
What is the effect of transaction on this year's and next years income statement and income tax expense? Why and Heinen Wholesale had been using the FIFO method of inventory c
If value of a levered firm is $13,000,000, and value of corresponding unlevered firm is $12,000,000, find out the present value of financial distress costs, if the firm has
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in De
Elliott's Hardware reported cost of goods sold as follows. 2016 2017 Beginning inventory $ 20,000 $ 34,000 Cost of goods purchased. Compute the correct cost of goods sold for