Select Topic, Accounting Basics

Assignment Help:
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission 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 invoice price.
In the year 2010 goods consigned by A were invoiced ar Rs.2,50,000. These goods cost to A Rs.2,00,000 (including freight). Sales made by b during the year amounted to Rs.2,35,000. At the end of the hyear, goods unsold with B represented an invoice value of Rs.60,000. During the hyear, A had received from B Rs.40,000 by bank drafts, certain remittances being in transit on 31st Dec., 2010. Prepare necessary ledger accounts in the books of both the parties. Also show how the consignment stock will appear in the Balance Sheet.

Related Discussions:- Select Topic

Prepare a source document, Q. Prepare a source document? A source docum...

Q. Prepare a source document? A source document typically supports the evidence of the transaction. A source document is any printed or written evidence of a business transacti

Use the following information to answer questions, The Bayside Company uses...

The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B)  If total assets e

College accounting book, a decrease in owner''s equity may result from a(n)...

a decrease in owner''s equity may result from a(n) a. purchase of office supplies for cash b. withdrawal of cash from the business by owner c. revenue that is derived from sales of

Ryan''s express has total credit sales for the year, Ryan's Express has tot...

Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on Decemb

Acme inc. has total liabilities of $120, Acme Inc. has total liabilities of...

Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat

What is dividend, Q. What is dividend? One idea of the statement of ret...

Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c

A patent costing $500, A patent costing $500,000 was purchased on July 1. T...

A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?

Accounting systems from manual to computerized, Q. Accounting systems from ...

Q. Accounting systems from manual to computerized? The manual accounting system with merely one general journal and one general ledger has been in use for hundreds of years and

Write Your Message!

Captcha
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