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

Ask Question & Get Answers from Experts
Browse some more (Cost Accounting) Materials
Using the information above, prepare the statement of activities and the statement of net assets on a government-wide basis (using full accrual accounting). The beginning fu
Polebarn Construction  Inc.'s  management  is concerned  that costs  are higher than anticipated. Compare the actual job costs to management's expected costs, and report your
The introduction of a new model of this computer in 2010 caused the company to revise its estimate of useful life to a total of four years and to reduce the estimated salvag
Prepare a trail balance on the trial balance tab. Be sure the trial balance is in balance, that the total debits equal the total credits. Do not proceed to the next step unt
What was the total standard cost of the materials used during August and how many yards of material are required at standard per kit and what was the materials price variance
Burnwood Tech plans to issue some $60 par preferred stock with a 6% dividend. The stock is selling on the market for $70.00, and Burnwood must pay flotation costs of 5% of t
Interest is paid semiannually on April 1 and October 1. On October 1, 2012, Dristol sold $20,000 of the bonds for 99 - Journalize entries to record initial acquisition of the
Create a job cost card for your cookie and calculate cost per cookie. Assume overhead is allocated at a rate of $2 for every $1 of labor cost. List some of the costs you wil