consignment, Financial Accounting

Assignment Help:
A of surat consigns goods to B of jaipur to be sold at or above price .Be is entitles to get a ommission of 8% on sales at invoice price plus 25% of any surplus price realized. B accepted a bill of exchange drawn by A amounting to 50% of the invoiced price .In the year 2013 goods consigned by A were invoiced at Rs.2,50,000. these goods cost to Rs.2,00,000 (including freight) . sales made by B during the year amounted to Rs.2,35,000. At the end of the year goods unsold with B represented an invoice value of Rs.60,000. During the year , A had recieved from B Rs.40,000 by bank drafts,certain remittances being in transit on 31st decemnber 2013. Prepare necessary ledger accounts in the books of both thep arties .also show how the consignment stock will appear in the balance sheet.

Related Discussions:- consignment

Determine the net present value - cost of capital, What is the net present...

What is the net present value of a project that requires a net investment of $76,000 and produces net cash flows of $22,000 per year for 7 years? Assume the cost of capital is 15 p

Primary business activities - capital resources, Create a description of yo...

Create a description of your company and its primary business activities. Include: a) A brief historical summary b) The lines of business the firm is engaged in (Is the compa

Risk and return - issue of debt, Q. Risk and Return - issue of debt? Ra...

Q. Risk and Return - issue of debt? Raising debt finance will raise the gearing and the financial risk of the company while raising equity finance will lower gearing and financ

Explain the accounting treatment , This is a research case.  You must compl...

This is a research case.  You must complete this assignment INDIVIDUALLY.  This means no help from other students.  You may consult Dr. Eldridge while you are working on this case.

Assignment, Can you do the attacched quections by Monday?

Can you do the attacched quections by Monday?

What do you mean by operating agreement, Q. What do you mean by Operating A...

Q. What do you mean by Operating Agreement? Operating Agreement - Agreement, generally a written document which sets out the rules by which a LIMITED LIABILITY COMPANY (LLC) is

Calculate the present value, Compute the present value of Rs. 1000 receivab...

Compute the present value of Rs. 1000 receivable 6 years thus if the discount rate is 10 percent. Solution: The present value is computed as follows: PV kn = FV n . PVIF k,n

Determine the nash equilibrium of the cournot game, We consider N identical...

We consider N identical firms that compete à la Cournot. Each firm incurs a constant marginal cost c. The demand for the homogenous good is given by the following function: Q = 1 -

State the types of business organizations, State the types of business orga...

State the types of business organizations There are numerous types of business organizations: Service business-doctors, lawyers, barber shop etc. Merchandising busin

Write Your Message!

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd