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
Complete the chart by filling in the time required to proofread financial statements and what is the percentage of the cost of proofreading the 16th financial statement to th
Find what is journal entry that would record this transaction - evaluate the Book Value of each of its fixed assets and make decisions regarding the purchases, disposition of
List you departure-airport and destination-airport. What are the two fares?  What is the difference between the two fares?  Why do you think there is a difference in the fares
Prepare a schedule showing the Dutch subsidiary's income statement for 2011 and 2012 in euros and in dollars, using both the current rate and temporal methods. Compute the p
Rade Company manufactures a product that passes through two processes. Prepare a physical flow schedule. Compute equivalent units for materials and for conversion cost.
When will the average unit cost be useful for value streams? Explain why changes in value stream profitability may be better information than individual product cost for
The corporation's tax rate is 30%. Prepare a partial income statement for Stacy beginning with income before income taxes. The corporation had 5,000,000 shares of common sto
Your portfolio consists of 200 shares of JCS Ltd. The current share price is $96. The company has announced a dividend of $2.50 per share with an ex-dividend date of 19 Apri